Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | D |
Entity Registrant Name | DOMINION RESOURCES INC /VA/ |
Entity Central Index Key | 715,957 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 595,333,610 |
Virginia Electric and Power Company | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | VEL - PE |
Entity Registrant Name | VIRGINIA ELECTRIC & POWER CO |
Entity Central Index Key | 103,682 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 274,723 |
Dominion Gas Holdings, LLC | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | Dominion Gas Holdings, LLC |
Entity Central Index Key | 1,603,291 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Operating Revenue | $ 2,971 | $ 3,050 | $ 9,127 | $ 9,493 | |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | 636 | 743 | 2,180 | 2,710 | |
Purchased electric capacity | 75 | 86 | 259 | 261 | |
Purchased gas | 85 | 209 | 446 | 1,073 | |
Other operations and maintenance | 564 | 614 | 1,875 | 1,972 | |
Depreciation, depletion and amortization | 355 | 354 | 1,037 | 970 | |
Other taxes | 133 | 123 | 432 | 424 | |
Total operating expenses | 1,848 | 2,129 | 6,229 | 7,410 | |
Income from operations | 1,123 | 921 | 2,898 | 2,083 | |
Other income | 11 | 69 | 127 | 166 | |
Interest and related charges | 230 | 231 | 674 | 695 | |
Income from operations including noncontrolling interests before income tax expense | 904 | 759 | 2,351 | 1,554 | |
Income tax expense | 305 | 228 | 794 | 477 | |
Net Income Including Noncontrolling Interests | 599 | 531 | 1,557 | 1,077 | |
Noncontrolling Interests | 6 | 2 | 15 | 10 | |
Net Income Attributable to Dominion | $ 593 | $ 529 | $ 1,542 | $ 1,067 | |
Earnings Per Common Share | |||||
Net income attributable to Dominion - Basic (in dollars per share) | $ 1 | $ 0.91 | $ 2.61 | $ 1.83 | |
Net income attributable to Dominion - Diluted (in dollars per share) | 1 | 0.90 | 2.60 | 1.83 | |
Dividends declared per common share (dollars per share) | $ 0.6475 | $ 0.6000 | $ 1.9425 | $ 1.80 | |
Virginia Electric and Power Company | |||||
Operating Revenue | [1] | $ 2,058 | $ 2,053 | $ 6,008 | $ 5,765 |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | [1] | 554 | 649 | 1,861 | 1,817 |
Purchased electric capacity | 75 | 86 | 259 | 261 | |
Affiliated suppliers | 64 | 70 | 208 | 211 | |
Other | 311 | 331 | 1,008 | 1,164 | |
Depreciation, depletion and amortization | 244 | 260 | 713 | 695 | |
Other taxes | 69 | 63 | 212 | 205 | |
Total operating expenses | 1,317 | 1,459 | 4,261 | 4,353 | |
Income from operations | 741 | 594 | 1,747 | 1,412 | |
Other income | 13 | 24 | 49 | 60 | |
Interest and related charges | 116 | 101 | 332 | 311 | |
Income from operations including noncontrolling interests before income tax expense | 638 | 517 | 1,464 | 1,161 | |
Income tax expense | 253 | 203 | 564 | 454 | |
Net Income Attributable to Dominion | 385 | 314 | 900 | 707 | |
Preferred dividends | 0 | 2 | 0 | 10 | |
Balance available for common stock | 385 | 312 | 900 | 697 | |
Dominion Gas Holdings, LLC | |||||
Operating Revenue | [2] | 365 | 391 | 1,291 | 1,388 |
Operating Expenses | |||||
Purchased gas | [2] | 8 | 34 | 103 | 247 |
Other energy-related purchases | 4 | 8 | 17 | 29 | |
Affiliated suppliers | 12 | 12 | 50 | 49 | |
Other | [3] | 51 | 79 | 211 | 204 |
Depreciation, depletion and amortization | 53 | 50 | 157 | 146 | |
Other taxes | 35 | 31 | 127 | 117 | |
Total operating expenses | 163 | 214 | 665 | 792 | |
Income from operations | 202 | 177 | 626 | 596 | |
Other income | 4 | 5 | 17 | 18 | |
Interest and related charges | 18 | 7 | 53 | 19 | |
Income from operations including noncontrolling interests before income tax expense | 188 | 175 | 590 | 595 | |
Income tax expense | 77 | 68 | 233 | 231 | |
Net Income Attributable to Dominion | $ 111 | $ 107 | $ 357 | $ 364 | |
[1] | See Note 18 for amounts attributable to affiliates. | ||||
[2] | See Note 18 for amounts attributable to related parties. | ||||
[3] | Includes gains on the sales of assets to related parties of $59 million for the nine months ended September 30, 2014. See Note 10 for more information. |
Consolidated Statements of Inc3
Consolidated Statements of Income (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2014USD ($) | |
Dominion Gas Holdings, LLC | Affiliate | |
Gain on sale of assets | $ 59 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Net income including noncontrolling interests | $ 599 | $ 531 | $ 1,557 | $ 1,077 | |
Net income | 593 | 529 | 1,542 | 1,067 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [1] | (7) | (58) | 25 | (267) |
Changes in unrealized net gains (losses) on investment securities | [2] | (59) | 2 | (55) | 80 |
Changes in unrecognized pension and other postretirement benefit costs | [3] | (9) | 0 | (6) | 0 |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [4] | (53) | (31) | (53) | 113 |
Net realized gains on investment securities | [5] | (2) | (21) | (35) | (39) |
Net pension and other postretirement benefit costs | [6] | 14 | 8 | 39 | 25 |
Changes in other comprehensive income (loss) from equity method investees | [7] | 1 | 0 | 0 | (5) |
Total other comprehensive loss | (115) | (100) | (85) | (93) | |
Comprehensive income including noncontrolling interests | 484 | 431 | 1,472 | 984 | |
Comprehensive income attributable to noncontrolling interests | 6 | 2 | 15 | 10 | |
Comprehensive income attributable to Dominion | 478 | 429 | 1,457 | 974 | |
Virginia Electric and Power Company | |||||
Net income | 385 | 314 | 900 | 707 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [8] | (6) | (1) | (3) | 0 |
Changes in unrealized net gains (losses) on investment securities | [9] | (11) | 2 | (10) | 10 |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [10] | 0 | 1 | 1 | (3) |
Net realized gains on investment securities | [11] | (1) | (3) | (4) | (5) |
Total other comprehensive loss | (18) | (1) | (16) | 2 | |
Comprehensive income attributable to Dominion | 367 | 313 | 884 | 709 | |
Dominion Gas Holdings, LLC | |||||
Net income | 111 | 107 | 357 | 364 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [12] | 3 | (7) | 2 | (33) |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [13] | (2) | 4 | (3) | 11 |
Net pension and other postretirement benefit costs | [14] | 1 | 1 | 3 | 3 |
Total other comprehensive loss | 2 | (2) | 2 | (19) | |
Comprehensive income attributable to Dominion | $ 113 | $ 105 | $ 359 | $ 345 | |
[1] | Net of $--- million and $36 million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $(20) million and $163 million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[2] | Net of $55 million and $(2) million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $50 million and $(30) million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[3] | Net of $(9) million and $--- million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $(6) million and $--- million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[4] | Net of $30 million and $22 million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $34 million and $(72) million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[5] | Net of $--- million and $13 million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $20 million and $24 million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[6] | Net of $(7) million and $(6) million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $(25) million and $(18) million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[7] | Net of $(1) million and $--- million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $--- million and $3 million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[8] | Net of $3 million and $--- million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $1 million and $--- million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[9] | Net of $5 million and $(1) million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $5 million and $(6) million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[10] | Net of $--- million tax for both the three months ended September 30, 2015 and 2014, and net of $--- million and $2 million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[11] | Net of $2 million tax for both the three months ended September 30, 2015 and 2014, and net of $3 million tax for both the nine months ended September 30, 2015 and 2014. | ||||
[12] | Net of $(1) million and $4 million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $--- million and $22 million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[13] | Net of $1 million million and $(2) million tax for the three months ended September 30, 2015 and 2014, respectively, and net of $1 million and $(7) million tax for the nine months ended September 30, 2015 and 2014, respectively. | ||||
[14] | Net of $(1) million tax for both the three months ended September 30, 2015 and 2014, and net of $(3) million and $(2) million tax for the nine months ended September 30, 2015 and 2014, respectively. |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net deferred gains (losses) on derivative-hedging activities, tax | $ 0 | $ 36 | $ (20) | $ 163 |
Changes in unrealized net gains (losses) on investment securities, tax | 55 | (2) | 50 | (30) |
Changes in unrecognized pension and other postretirement benefit costs, tax | (9) | 0 | (6) | 0 |
Net derivative (gains) losses-hedging activities, tax | 30 | 22 | 34 | (72) |
Net realized gains on investment securities, tax | 0 | 13 | 20 | 24 |
Net pension and other postretirement benefit costs, tax | (7) | (6) | (25) | (18) |
Changes in other comprehensive income (loss) from equity method investees, tax | (1) | 0 | 0 | 3 |
Virginia Electric and Power Company | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | 3 | 0 | 1 | 0 |
Changes in unrealized net gains (losses) on investment securities, tax | 5 | (1) | 5 | (6) |
Net derivative (gains) losses-hedging activities, tax | 0 | 0 | 0 | 2 |
Net realized gains on investment securities, tax | 2 | 2 | 3 | 3 |
Dominion Gas Holdings, LLC | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | (1) | 4 | 0 | 22 |
Net derivative (gains) losses-hedging activities, tax | 1 | (2) | 1 | (7) |
Net pension and other postretirement benefit costs, tax | $ (1) | $ (1) | $ (3) | $ (2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Current Assets | ||||
Cash and cash equivalents | $ 238 | $ 318 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 1,289 | 1,514 | [1] | |
Other receivables (less allowance for doubtful accounts) | 144 | 119 | [1] | |
Inventories | 1,310 | 1,410 | [1] | |
Prepayments | 142 | 167 | [1] | |
Derivative assets | 243 | 536 | [1] | |
Deferred income taxes | 288 | 800 | [1] | |
Regulatory assets | [2] | 356 | 347 | |
Other | 469 | 751 | [1] | |
Total current assets | 4,123 | 5,615 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 4,033 | 4,196 | [1] | |
Investment in equity method affiliates | 1,322 | 1,081 | [1] | |
Other | 269 | 284 | [1] | |
Total investments | 5,624 | 5,561 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 55,848 | 51,406 | [1] | |
Accumulated depreciation, depletion and amortization | (16,067) | (15,136) | [1] | |
Total property, plant and equipment, net | 39,781 | 36,270 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 3,294 | 3,044 | [1] | |
Pension and other postretirement benefit assets | 1,025 | 956 | [1] | |
Regulatory assets | 1,593 | 1,642 | [1] | |
Other | 1,159 | 1,239 | [1] | |
Total deferred charges and other assets | 7,071 | 6,881 | [1] | |
Total assets | 56,599 | 54,327 | [1] | |
Current Liabilities | ||||
Securities due within one year | 1,528 | 1,375 | [1] | |
Short-term debt | 2,555 | 2,775 | [1] | |
Accounts payable | 705 | 952 | [1] | |
Accrued interest, payroll and taxes | 553 | 566 | [1] | |
Other | [3] | 1,405 | 1,530 | [1] |
Total current liabilities | 6,746 | 7,198 | [1] | |
Long-Term Debt | ||||
Long-term debt | 19,790 | 18,348 | [1] | |
Junior subordinated notes | 1,370 | 1,374 | [1] | |
Remarketable subordinated notes | 2,085 | 2,083 | [1] | |
Total long-term debt | 23,245 | 21,805 | [1] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 7,551 | 7,444 | [1] | |
Asset retirement obligations | 1,824 | 1,633 | [1] | |
Regulatory liabilities | 2,173 | 1,991 | [1] | |
Other | 1,784 | 2,299 | [1] | |
Total deferred credits and other liabilities | 13,332 | 13,367 | [1] | |
Total liabilities | $ 43,323 | $ 42,370 | [1] | |
Commitments and Contingencies (see Note 15) | [1] | |||
Equity | ||||
Common stock - no par | [4] | $ 6,606 | $ 5,876 | [1] |
Retained earnings | 6,487 | 6,095 | [1] | |
Accumulated other comprehensive loss | (501) | (416) | [1] | |
Total common shareholders' equity | 12,592 | 11,555 | [1] | |
Noncontrolling interests | 684 | 402 | [1] | |
Total equity | 13,276 | 11,957 | [1] | |
Total liabilities and equity | 56,599 | 54,327 | [1] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 39 | 15 | [5] | |
Customer receivables (less allowance for doubtful accounts) | 955 | 986 | [5] | |
Other receivables (less allowance for doubtful accounts) | 96 | 65 | [5] | |
Inventories | 842 | 853 | [5] | |
Prepayments | 24 | 252 | [5] | |
Regulatory assets | 328 | 298 | [5] | |
Other | [6] | 43 | 82 | [5] |
Total current assets | 2,327 | 2,551 | [5] | |
Investments | ||||
Nuclear decommissioning trust funds | 1,875 | 1,930 | [5] | |
Other | 3 | 4 | [5] | |
Total investments | 1,878 | 1,934 | [5] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 37,016 | 35,180 | [5] | |
Accumulated depreciation, depletion and amortization | (11,622) | (11,080) | [5] | |
Total property, plant and equipment, net | 25,394 | 24,100 | [5] | |
Deferred Charges and Other Assets | ||||
Regulatory assets | 422 | 439 | [5] | |
Other | [6] | 538 | 485 | [5] |
Total deferred charges and other assets | 960 | 924 | [5] | |
Total assets | 30,559 | 29,509 | [5] | |
Current Liabilities | ||||
Securities due within one year | 677 | 211 | [5] | |
Short-term debt | 1,362 | 1,361 | [5] | |
Accounts payable | 372 | 458 | [5] | |
Accrued interest, payroll and taxes | 336 | 199 | [5] | |
Payables to affiliates | 59 | 92 | [5] | |
Affiliated current borrowings | 0 | 427 | [5] | |
Other | [6] | 666 | 528 | [5] |
Total current liabilities | 3,472 | 3,276 | [5] | |
Long-Term Debt | ||||
Total long-term debt | 8,952 | 8,726 | [5] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 4,323 | 4,415 | [5] | |
Asset retirement obligations | 1,030 | 848 | [5] | |
Regulatory liabilities | 1,822 | 1,683 | [5] | |
Other | [6] | 436 | 506 | [5] |
Total deferred credits and other liabilities | 7,611 | 7,452 | [5] | |
Total liabilities | $ 20,035 | $ 19,454 | [5] | |
Commitments and Contingencies (see Note 15) | [5] | |||
Equity | ||||
Common stock - no par | [7] | $ 5,738 | $ 5,738 | [5] |
Other paid-in capital | 1,113 | 1,113 | [5] | |
Retained earnings | 3,639 | 3,154 | [5] | |
Accumulated other comprehensive loss | 34 | 50 | [5] | |
Total common shareholders' equity | 10,524 | 10,055 | [5] | |
Total liabilities and equity | 30,559 | 29,509 | [5] | |
Dominion Gas Holdings, LLC | ||||
Current Assets | ||||
Cash and cash equivalents | 18 | 9 | [8] | |
Customer receivables (less allowance for doubtful accounts) | [9] | 180 | 322 | [8] |
Other receivables (less allowance for doubtful accounts) | [9] | 11 | 19 | [8] |
Affiliated receivables | 6 | 12 | [8] | |
Inventories | 80 | 65 | [8] | |
Prepayments | 42 | 166 | [8] | |
Regulatory assets | [2] | 24 | 38 | |
Other | [9] | 141 | 217 | [8] |
Total current assets | 478 | 810 | [8] | |
Investments | ||||
Total investments | 100 | 108 | [8] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 9,429 | 8,902 | [8] | |
Accumulated depreciation, depletion and amortization | (2,641) | (2,538) | [8] | |
Total property, plant and equipment, net | 6,788 | 6,364 | [8] | |
Deferred Charges and Other Assets | ||||
Goodwill | 542 | 542 | [8] | |
Regulatory assets | [10] | 387 | 379 | |
Pension and other postretirement benefit assets | [9] | 1,577 | 1,486 | [8] |
Other | [9] | 540 | 538 | [8] |
Total deferred charges and other assets | 2,659 | 2,566 | [8] | |
Total assets | 10,025 | 9,848 | [8] | |
Current Liabilities | ||||
Short-term debt | 382 | 0 | [8] | |
Accounts payable | 139 | 247 | [8] | |
Accrued interest, payroll and taxes | 149 | 194 | [8] | |
Payables to affiliates | 13 | 41 | [8] | |
Affiliated current borrowings | 198 | 384 | [8] | |
Other | [9] | 160 | 172 | [8] |
Total current liabilities | 1,041 | 1,038 | [8] | |
Long-Term Debt | ||||
Total long-term debt | 2,595 | 2,594 | [8] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,222 | 2,158 | [8] | |
Regulatory liabilities | [11] | 207 | 192 | |
Other | [9] | 486 | 492 | [8] |
Total deferred credits and other liabilities | 2,708 | 2,650 | [8] | |
Total liabilities | $ 6,344 | $ 6,282 | [8] | |
Commitments and Contingencies (see Note 15) | [8] | |||
Equity | ||||
Membership interests | $ 3,765 | $ 3,652 | [8] | |
Accumulated other comprehensive loss | [9] | (84) | (86) | [8] |
Total common shareholders' equity | 3,681 | 3,566 | [8] | |
Total liabilities and equity | $ 10,025 | $ 9,848 | [8] | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. | |||
[3] | See Note 3 for amounts attributable to related parties. | |||
[4] | 1 billion shares authorized; 595 million shares and 585 million shares outstanding at September 30, 2015 and December 31, 2014, respectively. | |||
[5] | Virginia Power’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[6] | See Note 18 for amounts attributable to affiliates. | |||
[7] | 500,000 shares authorized; 274,723 shares outstanding at September 30, 2015 and December 31, 2014. | |||
[8] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[9] | See Note 18 for amounts attributable to related parties. | |||
[10] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | |||
[11] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Customer receivables, allowance for doubtful accounts | $ 36 | $ 34 | [1] | |
Other receivables, allowance for doubtful accounts | $ 2 | $ 3 | [1] | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | [1] | |
Common stock, shares outstanding | 595,000,000 | 585,000,000 | ||
Virginia Electric and Power Company | ||||
Customer receivables, allowance for doubtful accounts | $ 27 | $ 25 | [1] | |
Other receivables, allowance for doubtful accounts | $ 1 | $ 1 | [1] | |
Common stock, shares authorized | 500,000 | 500,000 | [1] | |
Common stock, shares outstanding | 274,723 | 274,723 | [1] | |
Dominion Gas Holdings, LLC | ||||
Customer receivables, allowance for doubtful accounts | [2] | $ 5 | $ 4 | [3] |
Other receivables, allowance for doubtful accounts | [2] | $ 1 | $ 1 | [3] |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | See Note 18 for amounts attributable to related parties. | |||
[3] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Operating Activities | |||
Net income including noncontrolling interests | $ 1,557 | $ 1,077 | |
Net income | 1,542 | 1,067 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization (including nuclear fuel) | 1,250 | 1,171 | |
Deferred income taxes and investment tax credits | 703 | 444 | |
Gains on the sale of assets and businesses | (123) | (160) | |
Charges associated with North Anna and offshore wind legislation | 0 | 330 | |
Other adjustments | (1) | (104) | |
Changes in: | |||
Accounts receivable | 229 | 300 | |
Inventories | (3) | (39) | |
Deferred fuel and purchased gas costs, net (including write-off) | 70 | (252) | |
Prepayments | 45 | 14 | |
Accounts payable | (222) | (291) | |
Accrued interest, payroll and taxes | (13) | (9) | |
Margin deposit assets and liabilities | 205 | 55 | |
Other operating assets and liabilities | (244) | (126) | |
Net cash provided by operating activities | 3,453 | 2,410 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (3,632) | (3,742) | |
Acquisition of solar development projects | (278) | (66) | |
Acquisition of DCG | (497) | 0 | |
Proceeds from sales of securities | 937 | 1,524 | |
Purchases of securities | (921) | (1,562) | |
Proceeds from the sale of electric retail energy marketing business | 0 | 187 | |
Proceeds from the sale of assets to Blue Racer | 0 | 86 | |
Proceeds from assignments of shale development rights | 80 | 0 | |
Other | (39) | 40 | |
Net cash used in investing activities | (4,350) | (3,533) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (220) | 702 | |
Issuance of long-term debt | 2,262 | 2,150 | |
Repayment and repurchase of long-term debt | (675) | (725) | |
Subsidiary preferred stock redemption | 0 | (125) | |
Issuance of common stock | 717 | 138 | |
Common dividend payments | (1,150) | (1,048) | |
Subsidiary preferred dividend payments | 0 | (9) | |
Other | (117) | (58) | |
Net cash provided by financing activities | 817 | 1,025 | |
Decrease in cash and cash equivalents | (80) | (98) | |
Cash and cash equivalents at beginning of period | 318 | [1] | 316 |
Cash and cash equivalents at end of period | 238 | 218 | |
Significant noncash investing activities: | |||
Accrued capital expenditures | 389 | 309 | |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income | 900 | 707 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization (including nuclear fuel) | 844 | 824 | |
Deferred income taxes and investment tax credits | 9 | 235 | |
Charges associated with North Anna and offshore wind legislation | 0 | 330 | |
Other adjustments | 20 | (28) | |
Changes in: | |||
Accounts receivable | 10 | 20 | |
Inventories | 11 | (33) | |
Deferred fuel and purchased gas costs, net (including write-off) | 40 | (284) | |
Prepayments | 228 | 11 | |
Accounts payable | (62) | (24) | |
Accrued interest, payroll and taxes | 137 | 60 | |
Other operating assets and liabilities | 37 | (98) | |
Net cash provided by operating activities | 2,174 | 1,720 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (1,840) | (2,120) | |
Purchases of nuclear fuel | (100) | (140) | |
Proceeds from sales of securities | 407 | 415 | |
Purchases of securities | (423) | (421) | |
Other | (38) | (18) | |
Net cash used in investing activities | (1,994) | (2,284) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 1 | 562 | |
Repayment of affiliated current borrowings, net | (427) | (80) | |
Issuance of long-term debt | 1,112 | 750 | |
Repayment and repurchase of long-term debt | (421) | (52) | |
Subsidiary preferred stock redemption | 0 | (125) | |
Common dividend payments | (416) | (466) | |
Subsidiary preferred dividend payments | 0 | (9) | |
Other | (5) | (11) | |
Net cash provided by financing activities | (156) | 569 | |
Decrease in cash and cash equivalents | 24 | 5 | |
Cash and cash equivalents at beginning of period | 15 | [2] | 16 |
Cash and cash equivalents at end of period | 39 | 21 | |
Significant noncash investing activities: | |||
Accrued capital expenditures | 139 | 176 | |
Dominion Gas Holdings, LLC | |||
Operating Activities | |||
Net income | 357 | 364 | |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 157 | 146 | |
Deferred income taxes and investment tax credits | 75 | 80 | |
Gains on the sale of assets and businesses | (123) | (64) | |
Other adjustments | 4 | (12) | |
Changes in: | |||
Accounts receivable | 150 | 60 | |
Inventories | (15) | (28) | |
Deferred fuel and purchased gas costs, net (including write-off) | 19 | 33 | |
Prepayments | 145 | 29 | |
Accounts payable | (112) | (113) | |
Payables to affiliates | (28) | (8) | |
Accrued interest, payroll and taxes | (45) | (56) | |
Other operating assets and liabilities | (88) | (83) | |
Net cash provided by operating activities | 496 | 348 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (514) | (467) | |
Proceeds from sale of assets to an affiliate | 0 | 47 | |
Proceeds from assignments of shale development rights | 80 | 0 | |
Other | (5) | (1) | |
Net cash used in investing activities | (439) | (421) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 382 | 0 | |
Repayment of affiliated current borrowings, net | (186) | 288 | |
Distribution payments | (244) | (206) | |
Other | 0 | (1) | |
Net cash provided by financing activities | (48) | 81 | |
Decrease in cash and cash equivalents | 9 | 8 | |
Cash and cash equivalents at beginning of period | 9 | [3] | 8 |
Cash and cash equivalents at end of period | 18 | 16 | |
Significant noncash investing activities: | |||
Accrued capital expenditures | 46 | 63 | |
Extinguishment of affiliated long-term debt in exchange for assets sold to affiliate | 0 | 67 | |
Dominion Midstream's acquisition of a noncontrolling partnership interest in Iroquois in exchange for issuance of Dominion Midstream common units | |||
Significant noncash investing activities: | |||
Dominion Midstream's acquisition of a noncontrolling partnership interest in Iroquois in exchange for issuance of Dominion Midstream common units | $ 216 | $ 0 | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | ||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | ||
[3] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Dominion, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Dominion Gas is a holding company that conducts business activities through a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, regulated gas transportation and distribution operations in Ohio, and gas gathering and processing activities primarily in West Virginia, Ohio and Pennsylvania. Dominion Gas' principal wholly-owned subsidiaries are DTI, East Ohio and Dominion Iroquois. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies As permitted by the rules and regulations of the SEC, the Companies' accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014. In the Companies' opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position as of September 30, 2015, their results of operations for the three and nine months ended September 30, 2015 and 2014, and their cash flows for the nine months ended September 30, 2015 and 2014. Such adjustments are normal and recurring in nature unless otherwise noted. The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. The Companies' accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. As of September 30, 2015, Dominion owns the general partner and 63.1% of the limited partner interests in Dominion Midstream. The public’s ownership interest in Dominion Midstream is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. Also, as of September 30, 2015, Dominion owns 50% of the units in and consolidates Four Brothers and Three Cedars. SunEdison’s ownership interest in these projects is reflected as noncontrolling interest in Dominion’s Consolidated Financial Statements. See Note 3 for more details regarding the nature and purpose of Four Brothers and Three Cedars. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. Certain amounts in the Companies' 2014 Consolidated Financial Statements and Notes have been reclassified to conform to the 2015 presentation for comparative purposes. The reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion are inclusive of Virginia Power and/or Dominion Gas, where applicable. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Dominion Wholly-Owned Merchant Solar Projects Acquisitions The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion in 2014 and 2015. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects. Dominion has claimed and/or expects to claim federal investment tax credits on the projects. These projects are included in the Dominion Generation operating segment. Completed Acquisition Date Seller Number of Projects Project Location Project Name(s) Initial Acquisition Cost (millions) (1) Project Cost (millions) (2) Date of Commercial Operations MW Capacity March 2014 Recurrent Energy Development Holdings, LLC 6 California Camelot, Kansas, Kent South, Old River One, Adams East, Columbia 2 $ 50 $ 428 Fourth quarter 2014 139 November 2014 CSI Project Holdco, LLC 1 California West Antelope 79 79 November 2014 20 December 2014 EDF Renewable Development, Inc. 1 California CID 71 71 January 2015 20 April 2015 EC&R NA Solar PV, LLC 1 California Alamo 66 66 May 2015 20 April 2015 EDF Renewable Development, Inc. 3 California City of Corcoran, Goose Lake, Marin Carport (3) 106 109 May 2015 24 June 2015 EDF Renewable Development, Inc. 1 California Catalina 2 68 68 July 2015 18 July 2015 SunPeak Solar, LLC 1 California Imperial Valley 2 42 69 August 2015 20 (1) The purchase price was primarily allocated to Property, Plant and Equipment. (2) Includes acquisition cost. (3) Marin Carport is expected to begin commercial operations in 2016. In June 2015, Dominion entered into an agreement to acquire 100% of the equity interests in the Maricopa West solar project in California from EC&R NA Solar PV, LLC for approximately $65 million in cash. The project is expected to close in the fourth quarter of 2015 and cost approximately $66 million once constructed, including the initial acquisition cost. Upon completion, the facility is expected to generate approximately 20 MW. Expected Sale of Interest in Merchant Solar Projects In September 2015, Dominion signed an agreement to sell a noncontrolling interest (consisting of 33% of the equity interests) in all of its currently wholly-owned merchant solar projects to SunEdison for approximately $300 million . The potential sale relates to a total of 24 solar projects totaling approximately 425 MW. The sales of these interests are expected to close by the end of the first quarter of 2016. Non-Wholly-Owned Merchant Solar Projects Acquisitions of Four Brothers and Three Cedars In June 2015, Dominion acquired 50% of the units in Four Brothers from SunEdison for approximately $64 million of consideration, consisting of $2 million in cash and a $62 million payable. As of September 30, 2015, a $56 million payable is included in other current liabilities in Dominion's Consolidated Balance Sheets. Four Brothers' purpose is to develop and operate four solar projects located in Utah, which will produce and sell electricity and renewable energy credits. The projects are expected to cost approximately $730 million to construct, including the initial acquisition cost. Dominion is obligated to contribute $445 million of capital to fund the construction of the projects. As of September 30, 2015, Dominion has contributed approximately $38 million . The facilities are expected to begin commercial operations in the third quarter of 2016, generating approximately 320 MW. In September 2015, Dominion acquired 50% of the units in Three Cedars from SunEdison for approximately $43 million of consideration, consisting of $6 million in cash and a $37 million payable, which is included in other current liabilities in Dominion’s Consolidated Balance Sheets as of September 30, 2015. Three Cedars’ purpose is to develop and operate three solar projects located in Utah, which will produce and sell electricity and renewable energy credits. The projects are expected to cost approximately $425 million to construct. Dominion is obligated to contribute $276 million of capital to fund the construction of the projects. The facilities are expected to begin commercial operations in the third quarter of 2016, generating approximately 210 MW. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for both Four Brothers and Three Cedars. Dominion expects to claim 99% of the federal investment tax credits on the projects. Dominion owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its rights to control operations. The allocation of the $64 million purchase price for Four Brothers resulted in approximately $89 million of property, plant and equipment and $25 million of noncontrolling interest. The allocation of the $43 million purchase price for Three Cedars resulted in approximately $65 million of property, plant and equipment and $22 million of noncontrolling interest. The noncontrolling interest for each entity was measured at fair value using the discounted cash flow method, with the primary components of the valuation being future cash flows (both incoming and outgoing) and the discount rate. Dominion determined its discount rate based on the cost of capital a utility-scale investor would expect, as well as the cost of capital an individual project developer could achieve via a combination of non-recourse project financing and outside equity partners. The acquired assets of Four Brothers and Three Cedars are included in the Dominion Generation operating segment. Four Brothers and Three Cedars have entered into agreements with SunEdison to provide administrative and support services in connection with the construction of the projects, operation and maintenance of the facilities, and administrative and technical management services of the solar facilities. In addition, Dominion has entered into contracts with SunEdison to provide services related to construction project management and oversight. Costs related to services to be provided under these agreements were immaterial for the nine months ended September 30, 2015. Dominion Midstream Acquisition of Interest in Iroquois In September 2015, Dominion Midstream acquired from NG and NJNR a 25.93% noncontrolling partnership interest in Iroquois, which owns and operates a 416 -mile, FERC-regulated natural gas transmission pipeline in New York and Connecticut. In exchange for this partnership interest, Dominion Midstream issued approximately 8.6 million common units representing limited partnership interests in Dominion Midstream (approximately 6.8 million common units to NG for its 20.4% interest and approximately 1.8 million common units to NJNR for its 5.53% interest). The investment was recorded at approximately $216 million based on the value of Dominion Midstream's common units at closing. These common units are reflected as noncontrolling interest in Dominion's Consolidated Financial Statements. Dominion Midstream's noncontrolling partnership interest is reflected in the Dominion Energy operating segment. In addition to this acquisition, Dominion Gas currently holds a 24.72% partnership interest in Iroquois. Dominion Midstream and Dominion Gas each account for their interest in Iroquois as an equity method investment. See Notes 10 and 14 for more information regarding Iroquois. Acquisition of DCG In January 2015, Dominion completed the acquisition of 100% of the equity interests of DCG from SCANA Corporation for approximately $497 million in cash, as adjusted for working capital. DCG owns and operates nearly 1,500 miles of FERC-regulated interstate natural gas pipeline in South Carolina and southeastern Georgia. This acquisition supports Dominion’s natural gas expansion into the Southeast. The allocation of the purchase price resulted in approximately $277 million of net property, plant and equipment, $250 million of goodwill, of which approximately $225 million is expected to be deductible for income tax purposes, and approximately $38 million of regulatory liabilities. The goodwill reflects the value associated with enhancing Dominion's regulated gas position, economic value attributable to future expansion projects as well as increased opportunities for synergies. The acquired assets of DCG are included in the Dominion Energy operating segment. On March 24, 2015, DCG converted to a limited liability company under the laws of South Carolina and changed its name from Carolina Gas Transmission Corporation to DCG. On April 1, 2015, Dominion contributed 100% of the issued and outstanding membership interests of DCG to Dominion Midstream in exchange for total consideration of $501 million , as adjusted for working capital. Total consideration to Dominion consisted of the issuance of a two -year, approximately $301 million senior unsecured promissory note payable by Dominion Midstream at an annual interest rate of 0.6% , and 5,112,139 common units, valued at $200 million , representing limited partner interests in Dominion Midstream. The number of units was based on the volume weighted average trading price of Dominion Midstream's common units for the ten trading days prior to April 1, 2015, or $39.12 per unit. Since Dominion consolidates Dominion Midstream for financial reporting purposes, this transaction was eliminated upon consolidation and did not impact Dominion's financial position or cash flows. Sale of Electric Retail Energy Marketing Business In March 2014, Dominion completed the sale of its electric retail energy marketing business. The proceeds were approximately $187 million , net of transaction costs. The sale resulted in a gain, subject to post-closing adjustments, of approximately $100 million ( $57 million after-tax) net of a $31 million write-off of goodwill, and is included in other operations and maintenance expense in Dominion's Consolidated Statements of Income. The sale of the electric retail energy marketing business did not qualify for discontinued operations classification. Virginia Power Acquisition of Solar Project In September 2015, Virginia Power entered into an agreement to acquire 100% of a solar development project in North Carolina from Morgans Corner for approximately $47 million . The acquisition is expected to close in the fourth quarter of 2015. The project is expected to be placed into service by the end of the first quarter of 2016 and cost approximately $50 million once constructed, including the initial acquisition cost. Upon completion, the facility is expected to generate approximately 20 MW. The output generated by Morgans Corner will be used to meet a ten year non-jurisdictional supply agreement with the U.S. Navy, which has the unilateral option to extend for an additional ten years. In October 2015, the North Carolina Commission granted the transfer of the existing CPCN from Morgans Corner to Virginia Power. The acquired assets will be included in the Virginia Power Generation operating segment. Dominion Gas Assignments of Shale Development Rights In December 2013, DTI closed an agreement with a natural gas producer to convey over time approximately 79,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. The agreement provided for payments to DTI, subject to customary adjustments, of up to approximately $200 million over a period of nine years, and an overriding royalty interest in gas produced from the acreage. In 2013 and 2014, DTI received approximately $98 million in cash proceeds. At December 31, 2014, deferred revenue totaled approximately $85 million . In March 2015, DTI and the natural gas producer closed on an amendment to the agreement, which included the immediate conveyance of approximately 9,000 acres of Marcellus Shale development rights and a two year extension of the term of the original agreement. The conveyance of development rights resulted in the recognition of $43 million ( $27 million after-tax) of previously deferred revenue to operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. At September 30, 2015, deferred revenue totaled approximately $38 million , which is expected to be recognized over the remaining term of the agreement. In March 2015, DTI conveyed to a natural gas producer approximately 11,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields and received proceeds of approximately $27 million and an overriding royalty interest in gas produced from the acreage. This transaction resulted in a $27 million ( $16 million after-tax) gain, included in other operations and maintenance expense in Dominion Gas' Consolidated Statements of Income. In September 2015, DTI closed on an agreement with a natural gas producer to convey approximately 16,000 acres of Utica and Point Pleasant Shale development rights underneath one of its natural gas storage fields. The agreement provided for a payment to DTI, subject to customary adjustments, of approximately $52 million and an overriding royalty interest in gas produced from the acreage. In September 2015, DTI received proceeds of $52 million associated with the conveyance of the acreage, resulting in a $52 million ( $29 million after-tax) gain, included in other operations and maintenance expense in Dominion Gas’ Consolidated Statements of Income. Dominion and Dominion Gas Blue Racer See Note 10 for a discussion of transactions related to Blue Racer. |
Operating Revenue
Operating Revenue | 9 Months Ended |
Sep. 30, 2015 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Operating Revenue | Operating Revenue The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Dominion Electric sales: Regulated $ 2,020 $ 2,026 $ 5,911 $ 5,674 Nonregulated 388 353 1,145 1,527 Gas sales: Regulated 21 25 168 242 Nonregulated 66 187 361 532 Gas transportation and storage 365 343 1,221 1,138 Other 111 116 321 380 Total operating revenue $ 2,971 $ 3,050 $ 9,127 $ 9,493 Virginia Power Regulated electric sales $ 2,020 $ 2,026 $ 5,911 $ 5,674 Other 38 27 97 91 Total operating revenue $ 2,058 $ 2,053 $ 6,008 $ 5,765 Dominion Gas Gas sales: Regulated $ 9 $ 15 $ 87 $ 152 Nonregulated 1 3 5 16 Gas transportation and storage 302 296 1,035 996 NGL revenue 20 54 71 155 Other 33 23 93 69 Total operating revenue $ 365 $ 391 $ 1,291 $ 1,388 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies' effective income tax rate as follows: Dominion Virginia Power Dominion Gas Nine Months Ended September 30, 2015 2014 2015 2014 2015 2014 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 4.0 2.7 4.2 3.9 4.1 3.7 Investment tax credits (3.5 ) (6.0 ) — — — — Production tax credits (0.8 ) (1.1 ) (0.5 ) (0.6 ) — — Other, net (0.9 ) 0.1 (0.2 ) 0.8 0.4 0.1 Effective tax rate 33.8 % 30.7 % 38.5 % 39.1 % 39.5 % 38.8 % As of September 30, 2015, there have been no material changes in the Companies' unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014 for a discussion of these unrecognized tax benefits. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the calculation of Dominion’s basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions, except EPS) Net income attributable to Dominion $ 593 $ 529 $ 1,542 $ 1,067 Average shares of common stock outstanding – Basic 594.6 583.1 591.3 582.2 Net effect of dilutive securities (1) 0.9 1.5 1.4 1.6 Average shares of common stock outstanding – Diluted 595.5 584.6 592.7 583.8 Earnings Per Common Share – Basic $ 1.00 $ 0.91 $ 2.61 $ 1.83 Earnings Per Common Share – Diluted $ 1.00 $ 0.90 $ 2.60 $ 1.83 (1) Dilutive securities consist primarily of the 2013 Equity Units for 2015 and contingently convertible senior notes and the 2013 Equity Units for 2014. See Note 15 in this report and Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014 for more information. The 2014 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2015 and 2014, as the dilutive stock price threshold was not met. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Dominion The following table presents Dominion’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives-hedging activities Unrealized gains and losses on investment securities Unrecognized pension and other postretirement benefit costs Other comprehensive income (loss) from equity method investee Total (millions) Three Months Ended September 30, 2015 Beginning balance $ (146 ) $ 519 $ (754 ) $ (5 ) $ (386 ) Other comprehensive income before reclassifications: gains (losses) (7 ) (59 ) (9 ) 1 (74 ) Amounts reclassified from AOCI (1) : (gains) losses (53 ) (2 ) 14 — (41 ) Net current-period other comprehensive income (loss) (60 ) (61 ) 5 1 (115 ) Ending balance $ (206 ) $ 458 $ (749 ) $ (4 ) $ (501 ) Three Months Ended September 30, 2014 Beginning balance $ (353 ) $ 534 $ (493 ) $ (5 ) $ (317 ) Other comprehensive income before reclassifications: gains (losses) (58 ) 2 — — (56 ) Amounts reclassified from AOCI (1) : (gains) losses (31 ) (21 ) 8 — (44 ) Net current-period other comprehensive income (loss) (89 ) (19 ) 8 — (100 ) Ending balance $ (442 ) $ 515 $ (485 ) $ (5 ) $ (417 ) Nine Months Ended September 30, 2015 Beginning balance $ (178 ) $ 548 $ (782 ) $ (4 ) $ (416 ) Other comprehensive income before reclassifications: gains (losses) 25 (55 ) (6 ) — (36 ) Amounts reclassified from AOCI (1) : (gains) losses (53 ) (35 ) 39 — (49 ) Net current-period other comprehensive income (loss) (28 ) (90 ) 33 — (85 ) Ending balance $ (206 ) $ 458 $ (749 ) $ (4 ) $ (501 ) Nine Months Ended September 30, 2014 Beginning balance $ (288 ) $ 474 $ (510 ) $ — $ (324 ) Other comprehensive income before reclassifications: gains (losses) (267 ) 80 — (5 ) (192 ) Amounts reclassified from AOCI (1) : (gains) losses 113 (39 ) 25 — 99 Net current-period other comprehensive income (loss) (154 ) 41 25 (5 ) (93 ) Ending balance $ (442 ) $ 515 $ (485 ) $ (5 ) $ (417 ) (1) See table below for details about these reclassifications. The following table presents Dominion’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (87 ) Operating revenue 2 Purchased gas Interest rate contracts 2 Interest and related charges (83 ) Tax 30 Income tax expense $ (53 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (18 ) Other income Impairment 16 Other income (2 ) Tax — Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (3 ) Other operations and maintenance Actuarial (gains) losses 24 Other operations and maintenance 21 Tax (7 ) Income tax expense $ 14 Three Months Ended September 30, 2014 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (66 ) Operating revenue 3 Purchased gas 5 Electric fuel and other energy-related purchases Interest rate contracts 5 Interest and related charges (53 ) Tax 22 Income tax expense $ (31 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (38 ) Other income Impairment 4 Other income (34 ) Tax 13 Income tax expense $ (21 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (4 ) Other operations and maintenance Actuarial (gains) losses 18 Other operations and maintenance 14 Tax (6 ) Income tax expense $ 8 Nine Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (103 ) Operating revenue 9 Purchased gas Interest rate contracts 7 Interest and related charges (87 ) Tax 34 Income tax expense $ (53 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (82 ) Other income Impairment 27 Other income (55 ) Tax 20 Income tax expense $ (35 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (9 ) Other operations and maintenance Actuarial (gains) losses 73 Other operations and maintenance 64 Tax (25 ) Income tax expense $ 39 Nine Months Ended September 30, 2014 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 175 Operating revenue 7 Purchased gas (8 ) Electric fuel and other energy-related purchases Interest rate contracts 11 Interest and related charges 185 Tax (72 ) Income tax expense $ 113 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (71 ) Other income Impairment 8 Other income (63 ) Tax 24 Income tax expense $ (39 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (9 ) Other operations and maintenance Actuarial (gains) losses 52 Other operations and maintenance 43 Tax (18 ) Income tax expense $ 25 Dominion Gas The following table presents Dominion Gas’ changes in AOCI by component, net of tax: Deferred gains and losses on derivatives-hedging activities Unrecognized pension and other postretirement benefit costs Total (millions) Three Months Ended September 30, 2015 Beginning balance $ (22 ) $ (64 ) $ (86 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI (1) : (gains) losses (2 ) 1 (1 ) Net current-period other comprehensive income 1 1 2 Ending balance $ (21 ) $ (63 ) $ (84 ) Three Months Ended September 30, 2014 Beginning balance $ (16 ) $ (59 ) $ (75 ) Other comprehensive income before reclassifications: gains (losses) (7 ) — (7 ) Amounts reclassified from AOCI (1) : (gains) losses 4 1 5 Net current-period other comprehensive income (loss) (3 ) 1 (2 ) Ending balance $ (19 ) $ (58 ) $ (77 ) Nine Months Ended September 30, 2015 Beginning balance $ (20 ) $ (66 ) $ (86 ) Other comprehensive income before reclassifications: gains (losses) 2 — 2 Amounts reclassified from AOCI (1) : (gains) losses (3 ) 3 — Net current-period other comprehensive income (loss) (1 ) 3 2 Ending balance $ (21 ) $ (63 ) $ (84 ) Nine Months Ended September 30, 2014 Beginning balance $ 3 $ (61 ) $ (58 ) Other comprehensive income before reclassifications: gains (losses) (33 ) — (33 ) Amounts reclassified from AOCI (1) : (gains) losses 11 3 14 Net current-period other comprehensive income (loss) (22 ) 3 (19 ) Ending balance $ (19 ) $ (58 ) $ (77 ) (1) See table below for details about these reclassifications. The following table presents Dominion Gas' reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (3 ) Operating revenue (3 ) Tax 1 Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Three Months Ended September 30, 2014 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 1 Operating revenue 5 Purchased gas 6 Tax (2 ) Income tax expense $ 4 Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Nine Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue (4 ) Tax 1 Income tax expense $ (3 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 6 Other operations and maintenance 6 Tax (3 ) Income tax expense $ 3 Nine Months Ended September 30, 2014 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 8 Operating revenue 10 Purchased gas 18 Tax (7 ) Income tax expense $ 11 Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 5 Other operations and maintenance 5 Tax (2 ) Income tax expense $ 3 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Companies' fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014. See Note 9 in this report for further information about the Companies' derivatives and hedge accounting activities. The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, forward market prices, credit spreads and implied price volatilities are considered unobservable. The unobservable inputs are developed and substantiated using historical information, available market data, third-party data, and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third-party pricing sources. The following table presents Dominion's quantitative information about Level 3 fair value measurements at September 30, 2015. The range and weighted average are presented in dollars for market price inputs and percentages for credit spreads and price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets: Physical and Financial Forwards and Futures: Natural Gas (2) $ 99 Discounted Cash Flow Market Price (per Dth) (4) (2) - 4 (1 ) Credit spread (5) 1% - 6% 3 % Liquids (3) 5 Discounted Cash Flow Market Price (per Gal) (4) 0 - 2 1 Electric 4 Discounted Cash Flow Market Price (per MWh) (4) 26 - 47 45 FTRs 23 Discounted Cash Flow Market Price (per MWh) (4) (3) - 12 2 Physical and Financial Options: Natural Gas 6 Option Model Market Price (per Dth) (4) 2 - 6 4 Price Volatility (6) 23% - 75% 44 % Total assets $ 137 Liabilities: Physical and Financial Forwards and Futures: Natural Gas (2) $ 10 Discounted Cash Flow Market Price (per Dth) (4) (2) - 4 1 FTRs 2 Discounted Cash Flow Market Price (per MWh) (4) (12) - 12 1 Physical and Financial Options: Natural Gas 2 Option Model Market Price (per Dth) (4) 2 - 4 3 Price Volatility (6) 23% - 50% 34 % Total liabilities $ 14 (1) Averages weighted by volume. (2) Includes basis. (3) Includes NGLs and oil. (4) Represents market prices beyond defined terms for Levels 1 and 2. (5) Represents credit spreads unrepresented in published markets. (6) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) Price Volatility Buy Increase (decrease) Gain (loss) Price Volatility Sell Increase (decrease) Loss (gain) Credit spread Asset Increase (decrease) Loss (gain) Recurring Fair Value Measurements Dominion The following table presents Dominion’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2015 Assets: Derivatives: Commodity $ 1 $ 237 $ 137 $ 375 Interest rate — 31 — 31 Investments (1) : Equity securities: U.S.: Large cap 2,401 — — 2,401 Other 5 — — 5 REIT 59 — — 59 Non-U.S.: Large cap 10 — — 10 Fixed income: Corporate debt instruments — 463 — 463 U.S. Treasury securities and agency debentures 431 184 — 615 State and municipal — 395 — 395 Other — 97 — 97 Cash equivalents and other 6 1 — 7 Total assets $ 2,913 $ 1,408 $ 137 $ 4,458 Liabilities: Derivatives: Commodity $ 1 $ 117 $ 14 $ 132 Interest rate — 214 — 214 Total liabilities $ 1 $ 331 $ 14 $ 346 At December 31, 2014 Assets: Derivatives: Commodity $ 3 $ 567 $ 125 $ 695 Interest rate — 24 — 24 Investments (1) : Equity securities: U.S.: Large cap 2,669 — — 2,669 Other 6 — — 6 Non-U.S.: Large cap 12 — — 12 Fixed income: Corporate debt instruments — 441 — 441 U.S. Treasury securities and agency debentures 419 190 — 609 State and municipal — 395 — 395 Other — 74 — 74 Cash equivalents and other 3 10 — 13 Total assets $ 3,112 $ 1,701 $ 125 $ 4,938 Liabilities: Derivatives: Commodity $ 3 $ 571 $ 18 $ 592 Interest rate — 202 — 202 Total liabilities $ 3 $ 773 $ 18 $ 794 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Beginning balance $ 71 $ 3 $ 107 $ (16 ) Total realized and unrealized gains (losses): Included in earnings (9 ) (2 ) 1 98 Included in other comprehensive income (loss) 5 4 (7 ) 7 Included in regulatory assets/liabilities 47 39 18 53 Settlements 10 5 1 (94 ) Transfers out of Level 3 (1) (1 ) (2 ) 3 (1 ) Ending balance $ 123 $ 47 $ 123 $ 47 The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date $ 1 $ 1 $ 1 $ 2 (1) In March 2015, Dominion changed the classification of certain short term NGL derivatives from Level 3 to Level 2 due to an increase in liquidity in financial forward markets. The transfers out of Level 3 that relate to NGLs for the three and nine months ended September 30, 2015 are $--- million and $9 million , respectively. The following table presents Dominion's classification of gains and losses included in earnings in the Level 3 fair value category: Operating Purchased Gas Electric fuel Total (millions) Three Months Ended September 30, 2015 Total gains (losses) included in earnings $ — $ — $ (9 ) $ (9 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date — — 1 1 Three Months Ended September 30, 2014 Total gains (losses) included in earnings $ 3 $ (3 ) $ (2 ) $ (2 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 3 (2 ) — 1 Nine Months Ended September 30, 2015 Total gains (losses) included in earnings $ 2 $ — $ (1 ) $ 1 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 1 — — 1 Nine Months Ended September 30, 2014 Total gains (losses) included in earnings $ (7 ) $ (4 ) $ 109 $ 98 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 4 (2 ) — 2 Virginia Power The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at September 30, 2015. The range and weighted average are presented in dollars for market price inputs and percentages for credit spreads and price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets: Physical and Financial Forwards and Futures: FTRs $ 23 Discounted Cash Flow Market Price (per MWh) (3) (3) - 12 2 Natural Gas (2) 93 Discounted Cash Flow Market Price (per Dth) (3) (2) - 3 (1 ) Credit spread (4) 1% - 6% 3 % Electric 4 Discounted Cash Flow Market Price (per MWh) (3) 44 - 47 45 Physical and Financial Options: Natural Gas 2 Discounted Cash Flow Market Price (per Dth) (3) 2 - 6 5 Price Volatility (5) 50% - 75% 66 % Total assets $ 122 Liabilities: Physical and Financial Forwards and Futures: FTRs $ 2 Discounted Cash Flow Market Price (per MWh) (3) (12) - 12 1 Total liabilities $ 2 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents credit spreads unrepresented in published markets. (5) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) Credit spread Asset Increase (decrease) Loss (gain) Price Volatility Buy Increase (decrease) Gain (loss) Price Volatility Sell Increase (decrease) Loss (gain) The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2015 Assets: Derivatives: Commodity $ — $ 20 $ 122 $ 142 Interest rate — 8 — 8 Investments (1) : Equity securities: U.S. large cap 1,037 — — 1,037 REIT 59 — 59 Fixed income: Corporate debt instruments — 252 — 252 U.S. Treasury securities and agency debentures 164 61 — 225 State and municipal — 199 — 199 Other — 30 — 30 Total assets $ 1,260 $ 570 $ 122 $ 1,952 Liabilities: Derivatives: Commodity $ — $ 4 $ 2 $ 6 Interest rate — 67 — 67 Total liabilities $ — $ 71 $ 2 $ 73 At December 31, 2014 Assets: Derivatives: Commodity $ — $ 7 $ 106 $ 113 Investments (1) : Equity securities: U.S. large cap 1,157 — — 1,157 Fixed income: Corporate debt instruments — 250 — 250 U.S. Treasury securities and agency debentures 137 61 — 198 State and municipal — 211 — 211 Other — 23 — 23 Total assets $ 1,294 $ 552 $ 106 $ 1,952 Liabilities: Derivatives: Commodity $ — $ 11 $ 4 $ 15 Interest rate — 72 — 72 Total liabilities $ — $ 83 $ 4 $ 87 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Beginning balance $ 73 $ 7 $ 102 $ (7 ) Total realized and unrealized gains (losses): Included in earnings (10 ) (2 ) (1 ) 109 Included in regulatory assets/liabilities 47 39 18 53 Settlements 10 2 1 (109 ) Ending balance $ 120 $ 46 $ 120 $ 46 The gains and losses included in earnings in the Level 3 fair value category were classified in electric fuel and other energy-related purchases in Virginia Power's Consolidated Statements of Income for the three and nine months ended September 30, 2015 and 2014. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2015 and 2014. Dominion Gas The following table presents Dominion Gas' quantitative information about Level 3 fair value measurements at September 30, 2015. The range and weighted average are presented in dollars for market price inputs and percentages for credit spreads. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets: Physical and Financial Forwards and Futures: NGLs $ 4 Discounted Cash Flow Market Price (per Gal) (2) 0 - 2 1 Total assets $ 4 (1) Averages weighted by volume. (2) Represents market prices beyond defined terms for Levels 1 and 2. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) The following table presents Dominion Gas' assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2015 Assets: Commodity $ — $ 5 $ 4 $ 9 Total Assets $ — $ 5 $ 4 $ 9 Liabilities: Commodity $ — $ 1 $ — $ 1 Interest rate — 17 — 17 Total liabilities $ — $ 18 $ — $ 18 At December 31, 2014 Assets: Commodity $ — $ — $ 2 $ 2 Total Assets $ — $ — $ 2 $ 2 Liabilities: Interest rate $ — $ 9 $ — $ 9 Total liabilities $ — $ 9 $ — $ 9 The following table presents the net change in Dominion Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Beginning balance $ (1 ) $ (3 ) $ 2 $ (6 ) Total realized and unrealized gains (losses): Included in earnings — (1 ) 1 (8 ) Included in other comprehensive income (loss) 5 5 (7 ) 8 Settlements — — (1 ) 7 Transfers out of Level 3 (1) — — 9 — Ending balance $ 4 $ 1 $ 4 $ 1 (1) In March 2015, Dominion Gas changed the classification of certain short term NGL derivatives from Level 3 to Level 2 due to an increase in liquidity in financial forward markets. The transfers out of Level 3 that relate to NGLs for the three and nine months ended September 30, 2015 are $--- million and $9 million , respectively. The gains and losses included in earnings in the Level 3 fair value category were classified in operating revenue in Dominion Gas' Consolidated Statements of Income for the three and nine months ended September 30, 2015 and 2014. There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2015 and 2014. Fair Value of Financial Instruments Substantially all of the Companies' financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash and cash equivalents, restricted cash (which is recorded in other current assets), customer and other receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: September 30, 2015 December 31, 2014 Carrying Estimated Fair (1) Carrying Estimated Fair (1) (millions) Dominion Long-term debt, including securities due within one year (2)(3) $ 21,318 $ 22,923 $ 19,723 $ 21,881 Junior subordinated notes (3) 1,370 1,290 1,374 1,396 Remarketable subordinated notes (3) 2,085 2,214 2,083 2,362 Virginia Power Long-term debt, including securities due within one year (3) $ 9,629 $ 10,764 $ 8,937 $ 10,293 Dominion Gas Long-term debt (3) $ 2,595 $ 2,618 $ 2,594 $ 2,672 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) At both September 30, 2015 and December 31, 2014, includes the valuation of certain fair value hedges associated with fixed rate debt of approximately $19 million . (3) Carrying amount includes amounts which represent the unamortized discount and/or premium. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | Derivatives and Hedge Accounting Activities The Companies' accounting policies and objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014. See Note 8 in this report for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies' Consolidated Balance Sheets. Dominion's derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Dominion Gas' and Virginia Power's derivative contracts consist of over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a counterparty. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies' Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. Dominion Balance Sheet Presentation The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2015 December 31, 2014 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 31 $ — $ 31 $ 24 $ — $ 24 Commodity contracts: Over-the-counter 270 — 270 382 — 382 Exchange 95 — 95 298 — 298 Total derivatives, subject to a master netting or similar arrangement 396 — 396 704 — 704 Total derivatives, not subject to a master netting or similar arrangement 10 — 10 15 — 15 Total $ 406 $ — $ 406 $ 719 $ — $ 719 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Interest rate contracts: Over-the-counter $ 31 $ 29 $ — $ 2 $ 24 $ 16 $ — $ 8 Commodity contracts: Over-the-counter 270 16 23 231 382 34 34 314 Exchange 95 74 — 21 298 298 — — Total $ 396 $ 119 $ 23 $ 254 $ 704 $ 348 $ 34 $ 322 September 30, 2015 December 31, 2014 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 214 $ — $ 214 $ 202 $ — $ 202 Commodity contracts: Over-the-counter 39 — 39 87 — 87 Exchange 84 — 84 493 — 493 Total derivatives, subject to a master netting or similar arrangement 337 — 337 782 — 782 Total derivatives, not subject to a master netting or similar arrangement 9 — 9 12 — 12 Total $ 346 $ — $ 346 $ 794 $ — $ 794 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 214 $ 29 $ — $ 185 $ 202 $ 16 $ — $ 186 Commodity contracts: Over-the-counter 39 16 — 23 87 34 1 52 Exchange 84 74 10 — 493 298 195 — Total $ 337 $ 119 $ 10 $ 208 $ 782 $ 348 $ 196 $ 238 Volumes The following table presents the volume of Dominion’s derivative activity as of September 30, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 57 14 Basis 267 605 Electricity (MWh): Fixed price 13,869,299 3,399,889 FTRs 49,967,941 — Capacity (MW) 12,200 — Liquids (Gal) (2) 65,772,000 18,774,000 Interest rate $ 2,250,000,000 $ 3,000,000,000 (1) Includes options. (2) Includes NGLs and oil. Ineffectiveness and AOCI For the three and nine months ended September 30, 2015 and 2014, gains or losses on hedging instruments determined to be ineffective and amounts excluded from the assessment of effectiveness were not material. Amounts excluded from the assessment of effectiveness include gains or losses attributable to changes in the time value of options and changes in the differences between spot prices and forward prices. The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion’s Consolidated Balance Sheet at September 30, 2015: AOCI After-Tax Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (8 ) $ (7 ) 25 months Electricity 67 50 15 months Other 5 4 18 months Interest rate (270 ) (9 ) 387 months Total $ (206 ) $ 38 The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices and interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At September 30, 2015 ASSETS Current Assets Commodity $ 63 $ 169 $ 232 Interest rate 11 — 11 Total current derivative assets 74 169 243 Noncurrent Assets Commodity 10 133 143 Interest rate 20 — 20 Total noncurrent derivative assets (1) 30 133 163 Total derivative assets $ 104 $ 302 $ 406 LIABILITIES Current Liabilities Commodity $ 20 $ 90 $ 110 Interest rate 144 — 144 Total current derivative liabilities (2) 164 90 254 Noncurrent Liabilities Commodity 6 16 22 Interest Rate 70 — 70 Total noncurrent derivative liabilities (3) 76 16 92 Total derivative liabilities $ 240 $ 106 $ 346 At December 31, 2014 ASSETS Current Assets Commodity $ 281 $ 242 $ 523 Interest rate 13 — 13 Total current derivative assets 294 242 536 Noncurrent Assets Commodity 71 101 172 Interest rate 11 — 11 Total noncurrent derivative assets (1) 82 101 183 Total derivative assets $ 376 $ 343 $ 719 LIABILITIES Current Liabilities Commodity $ 224 $ 267 $ 491 Interest rate 100 — 100 Total current derivative liabilities (2) 324 267 591 Noncurrent Liabilities Commodity 55 46 101 Interest rate 102 — 102 Total noncurrent derivative liabilities (3) 157 46 203 Total derivative liabilities $ 481 $ 313 $ 794 (1) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (1) Amount of Gain Increase (2) (millions) Three Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 87 Purchased gas (2 ) Total commodity $ 64 $ 85 $ — Interest rate (3) (71 ) (2 ) (69 ) Total $ (7 ) $ 83 $ (69 ) Three Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 66 Purchased gas (3 ) Electric fuel and other energy-related purchases (5 ) Total commodity $ (74 ) $ 58 $ — Interest rate (3) (20 ) (5 ) (7 ) Total $ (94 ) $ 53 $ (7 ) Nine Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 103 Purchased gas (9 ) Total commodity $ 117 $ 94 $ 3 Interest rate (3) (72 ) (7 ) (27 ) Total $ 45 $ 87 $ (24 ) Nine Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ (175 ) Purchased gas (7 ) Electric fuel and other energy-related purchases 8 Total commodity $ (291 ) $ (174 ) $ (1 ) Interest rate (3) (139 ) (11 ) (38 ) Total $ (430 ) $ (185 ) $ (39 ) (1) Amounts deferred into AOCI have no associated effect in Dominion’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (3) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments 2015 2014 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 2 $ 35 $ 20 $ (327 ) Purchased gas (3 ) (39 ) (12 ) (33 ) Electric fuel and other energy-related purchases (4 ) — 5 125 Interest rate (2) (1 ) — (1 ) — Total $ (6 ) $ (4 ) $ 12 $ (235 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (2) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. Virginia Power Balance Sheet Presentation The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2015 December 31, 2014 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 8 $ — $ 8 $ — $ — $ — Commodity contracts: Over-the-counter 120 — 120 106 — 106 Total derivatives, subject to a master netting or similar arrangement 128 — 128 106 — 106 Total derivatives, not subject to a master netting or similar arrangement 22 — 22 7 — 7 Total $ 150 $ — $ 150 $ 113 $ — $ 113 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Interest rate contracts: Over-the-counter $ 8 $ 7 $ — $ 1 $ — $ — $ — $ — Commodity contracts: Over-the-counter 120 2 — 118 106 4 — 102 Total $ 128 $ 9 $ — $ 119 $ 106 $ 4 $ — $ 102 September 30, 2015 December 31, 2014 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 67 $ — $ 67 $ 72 $ — $ 72 Commodity contracts: Over-the-counter 2 — 2 8 — 8 Total derivatives, subject to a master netting or similar arrangement 69 — 69 80 — 80 Total derivatives, not subject to a master netting or similar arrangement 4 — 4 7 — 7 Total $ 73 $ — $ 73 $ 87 $ — $ 87 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 67 $ 7 $ — $ 60 $ 72 $ — $ — $ 72 Commodity contracts: Over-the-counter 2 2 — — 8 4 — 4 Total $ 69 $ 9 $ — $ 60 $ 80 $ 4 $ — $ 76 Volumes The following table presents the volume of Virginia Power’s derivative activity as of September 30, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 12 — Basis 130 539 Electricity (MWh): FTRs 49,069,990 — Capacity (MW) 12,200 — Interest rate $ 450,000,000 $ 750,000,000 (1) Includes options. Ineffectiveness For the three and nine months ended September 30, 2015 and 2014, gains or losses on hedging instruments determined to be ineffective were not material. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At September 30, 2015 ASSETS Current Assets Commodity $ — $ 40 $ 40 Total current derivative assets (1) — 40 40 Noncurrent Assets Commodity — 102 102 Interest rate 8 — 8 Total noncurrent derivative assets (2) 8 102 110 Total derivative assets $ 8 $ 142 $ 150 LIABILITIES Current Liabilities Commodity $ — $ 6 $ 6 Interest rate 39 — 39 Total current derivative liabilities (3) 39 6 45 Noncurrent Liabilities Interest rate 28 — 28 Total noncurrent derivatives liabilities (4) 28 — 28 Total derivative liabilities $ 67 $ 6 $ 73 At December 31, 2014 ASSETS Current Assets Commodity $ — $ 51 $ 51 Total current derivative assets (1) — 51 51 Noncurrent Assets Commodity — 62 62 Total noncurrent derivative assets (2) — 62 62 Total derivative assets $ — $ 113 $ 113 LIABILITIES Current Liabilities Commodity $ 3 $ 12 $ 15 Interest rate 45 — 45 Total current derivative liabilities (3) 48 12 60 Noncurrent Liabilities Interest rate 27 — 27 Total noncurrent derivative liabilities (4) 27 — 27 Total derivative liabilities $ 75 $ 12 $ 87 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (1) Amount of Gain Increase (2) (millions) Three Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ — Total commodity $ — $ — $ — Interest rate (3) (9 ) — (69 ) Total $ (9 ) $ — $ (69 ) Three Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ (1 ) Total commodity $ (1 ) $ (1 ) $ — Interest rate (3) — — (7 ) Total $ (1 ) $ (1 ) $ (7 ) Nine Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ (1 ) Total commodity $ — $ (1 ) $ 3 Interest rate (3) (4 ) — (27 ) Total $ (4 ) $ (1 ) $ (24 ) Nine Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ 5 Total commodity $ 5 $ 5 $ (1 ) Interest rate (3) (5 ) — (38 ) Total $ — $ 5 $ (39 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments 2015 2014 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity (2) $ (6 ) $ (3 ) $ 6 $ 108 Total $ (6 ) $ (3 ) $ 6 $ 108 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. Dominion Gas Balance Sheet Presentation The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. September 30, 2015 December 31, 2014 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 9 $ — $ 9 $ 2 $ — $ 2 Total derivatives, subject to a master netting or similar arrangement $ 9 $ — $ 9 $ 2 $ — $ 2 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 9 $ 1 $ — $ 8 $ 2 $ — $ — $ 2 Total $ 9 $ 1 $ — $ 8 $ 2 $ — $ — $ 2 September 30, 2015 December 31, 2014 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 17 $ — $ 17 $ 9 $ — $ 9 Commodity contracts: Over-the-counter 1 — 1 — — — Total derivatives, subject to a master netting or similar arrangement $ 18 $ — $ 18 $ 9 $ — $ 9 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 17 $ — $ — $ 17 $ 9 $ — $ — $ 9 Commodity contracts: Over-the-counter 1 1 — — — — — — Total $ 18 $ 1 $ — $ 17 $ 9 $ — $ — $ 9 Volumes The following table presents the volume of Dominion Gas' derivative activity as of September 30, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price 3 — Basis 3 — NGLs (Gal) 64,302,000 16,758,000 Interest rate $ — $ 250,000,000 Ineffectiveness and AOCI For the three and nine months ended September 30, 2015 and 2014, gains or losses on hedging instruments determined to be ineffective were not material. The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at September 30, 2015: AOCI Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum (millions) Commodities: NGLs $ 5 $ 4 18 months Interest rate (26 ) (1 ) 351 months Total $ (21 ) $ 3 The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices and interest rates. Fair Value and Gains and Losses on Derivative Instruments The following tables present the fair values of Dominion Gas' commodity and interest rate derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value - Fair Value - Total (millions) At September 30, 2015 ASSETS Current Assets Commodity $ 6 $ 1 $ 7 Total current derivative assets (1) 6 1 7 Noncurrent Assets Commodity 2 — 2 Total noncurrent derivative assets (2) 2 — 2 Total derivative assets $ 8 $ 1 $ 9 LIABILITIES Current Liabilities Commodity $ — $ 1 $ 1 Total current derivative liabilities (3) — 1 1 Noncurrent Liabilities Interest rate 17 — 17 Total noncurrent derivative liabilities (4) 17 — 17 Total derivative liabilities $ 17 $ 1 $ 18 At December 31, 2014 ASSETS Current Assets Commodity $ 2 $ — $ 2 Total current derivative assets (1) 2 — 2 Total derivative assets $ 2 $ — $ 2 LIABILITIES Noncurrent Liabilities Interest rate $ 9 $ — $ 9 Total noncurrent derivative liabilities (4) 9 — 9 Total derivative liabilities $ 9 $ — $ 9 (1) Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas’ Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of (1) Amount of (millions) Three Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 3 Total commodity $ 11 $ 3 Interest rate (2) (7 ) — Total $ 4 $ 3 Three Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ (1 ) Purchased gas (5 ) Total commodity $ 3 $ (6 ) Interest rate (2) (14 ) — Total $ (11 ) $ (6 ) Nine Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 4 Total commodity $ 10 $ 4 Interest rate (2) (8 ) — Total $ 2 $ 4 Nine Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ (8 ) Purchased gas (10 ) Total commodity $ 1 $ (18 ) Interest rate (2) (56 ) — Total $ (55 ) $ (18 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments 2015 2014 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 1 $ — $ 5 $ — Total $ 1 $ — $ 5 $ — |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Dominion Equity and Debt Securities Rabbi Trust Securities Marketable equity and debt securities and cash equivalents held in Dominion’s rabbi trusts and classified as trading totaled $96 million and $110 million at September 30, 2015 and December 31, 2014, respectively. Cost method investments held in Dominion’s rabbi trusts totaled $4 million and $6 million at September 30, 2015 and December 31, 2014, respectively. Decommissioning Trust Securities Dominion holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At September 30, 2015 Marketable equity securities: U.S. large cap $ 1,260 $ 1,106 $ — $ 2,366 REIT 59 — — 59 Marketable debt securities: Corporate bonds 454 15 (6 ) 463 U.S. Treasury securities and agency debentures 602 13 (3 ) 612 State and municipal 338 20 (1 ) 357 Other 95 — — 95 Cost method investments 72 — — 72 Cash equivalents and other (2) 9 — — 9 Total $ 2,889 $ 1,154 $ (10 ) (3) $ 4,033 At December 31, 2014 Marketable equity securities: U.S. large cap $ 1,273 $ 1,353 $ — $ 2,626 Marketable debt securities: Corporate bonds 424 19 (2 ) 441 U.S. Treasury securities and agency debentures 597 13 (4 ) 606 State and municipal 332 23 — 355 Other 66 — — 66 Cost method investments 86 — — 86 Cash equivalents and other (2) 16 — — 16 Total $ 2,794 $ 1,408 $ (6 ) (3) $ 4,196 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $5 million and $3 million at September 30, 2015 and December 31, 2014, respectively. (3) The fair value of securities in an unrealized loss position was $411 million and $379 million at September 30, 2015 and December 31, 2014, respectively. The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2015 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 209 Due after one year through five years 402 Due after five years through ten years 422 Due after ten years 494 Total $ 1,527 Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Proceeds from sales $ 357 $ 838 $ 937 $ 1,524 Realized gains (1) 65 57 165 120 Realized losses (1) 40 7 69 20 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Dominion recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Total other-than-temporary impairment losses (1) $ 29 $ 6 $ 55 $ 21 Losses recorded to nuclear decommissioning trust regulatory liability (10 ) (1 ) (21 ) (5 ) Losses recognized in other comprehensive income (before taxes) (3 ) (1 ) (7 ) (3 ) Net impairment losses recognized in earnings $ 16 $ 4 $ 27 $ 13 (1) Amounts include other-than-temporary impairment losses for debt securities of $3 million and $1 million for the three months ended September 31, 2015 and 2014, respectively, and $7 million and $3 million for the nine months ended September 31, 2015 and 2014, respectively. Virginia Power Virginia Power holds marketable equity and debt securities (classified as available-for-sale), cash equivalents and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below: Amortized Total Unrealized (1) Total Unrealized (1) Fair Value (millions) At September 30, 2015 Marketable equity securities: U.S. large cap $ 558 $ 478 $ — $ 1,036 REIT 59 — — 59 Marketable debt securities: Corporate bonds 249 7 (4 ) 252 U.S. Treasury securities and agency debentures 224 2 (1 ) 225 State and municipal 187 11 — 198 Other 30 — — 30 Cost method investments 72 — — 72 Cash equivalents and other (2) 3 — — 3 Total $ 1,382 $ 498 $ (5 ) (3) $ 1,875 At December 31, 2014 Marketable equity securities: U.S. large cap $ 563 $ 594 $ — $ 1,157 Marketable debt securities: Corporate bonds 242 9 (1 ) 250 U.S. Treasury securities and agency debentures 197 3 (2 ) 198 State and municipal 197 13 — 210 Other 23 — — 23 Cost method investments 86 — — 86 Cash equivalents and other (2) 6 — — 6 Total $ 1,314 $ 619 $ (3 ) (3) $ 1,930 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $3 million at September 30, 2015 and $6 million at December 31, 2014. (3) The fair value of securities in an unrealized loss position was $209 million and $170 million at September 30, 2015 and December 31, 2014, respectively. The fair value of Virginia Power’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2015 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 63 Due after one year through five years 181 Due after five years through ten years 236 Due after ten years 225 Total $ 705 Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Proceeds from sales $ 198 $ 116 $ 407 $ 415 Realized gains (1) 45 22 82 51 Realized losses (1) 18 2 33 8 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds for Virginia Power were not material for the three and nine months ended September 30, 2015 and 2014. Equity Method Investments Dominion and Dominion Gas Iroquois At September 30, 2015, Dominion Midstream used the equity method to account for its 25.93% noncontrolling partnership interest in Iroquois. At September 30, 2015, the carrying amount of Dominion Midstream's investment of $216 million exceeded its share of underlying equity in net assets by approximately $122 million . The difference reflects equity method goodwill and is not being amortized. Dominion Gas' equity earnings on its 24.72% non-controlling partnership interest totaled $17 million for both the nine months ended September 30, 2015 and 2014. Dominion Gas received distributions from this investment of $26 million and $10 million for the nine months ended September 30, 2015 and 2014, respectively. At September 30, 2015 and December 31, 2014, the carrying amount of Dominion Gas' investment of $98 million and $107 million , respectively, exceeded its share of underlying equity in net assets by approximately $8 million at both dates. The difference reflects equity method goodwill and is not being amortized. Blue Racer In December 2012, Dominion formed Blue Racer with Caiman to provide midstream services to natural gas producers operating in the Utica Shale region in Ohio and portions of Pennsylvania. Blue Racer is an equal partnership between Dominion and Caiman, with Dominion contributing midstream assets and Caiman contributing private equity capital. Dominion NGL Pipelines, LLC was contributed in January 2014 by Dominion to Blue Racer, prior to commencement of service, resulting in an increased equity method investment of $155 million , including $6 million of goodwill allocated from Dominion's goodwill balance to its equity method investment in Blue Racer. In March 2014, Dominion Gas sold the Northern System to an affiliate, that subsequently sold the Northern System to Blue Racer for consideration of approximately $84 million . Dominion Gas' consideration consisted of $17 million in cash proceeds and the extinguishment of affiliated long-term debt of $67 million and Dominion's consideration consisted of cash proceeds of approximately $84 million . The sale resulted in a gain of approximately $59 million ( $35 million after-tax for Dominion Gas and $34 million after-tax for Dominion) net of a $3 million write-off of goodwill, and is included in other operations and maintenance expense in both Dominion Gas' and Dominion's Consolidated Statements of Income. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: September 30, 2015 December 31, 2014 (millions) Dominion Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 107 $ 79 Deferred rate adjustment clause costs (2) 119 124 Deferred nuclear refueling outage costs (3) 59 44 Unrecovered gas costs (4) 12 36 Other 59 64 Regulatory assets-current (5) 356 347 Unrecognized pension and other postretirement benefit costs (6) 1,000 1,050 Deferred rate adjustment clause costs (2) 227 250 Income taxes recoverable through future rates (7) 121 133 Derivatives (8) 125 101 Other 120 108 Regulatory assets-non-current 1,593 1,642 Total regulatory assets $ 1,949 $ 1,989 Regulatory liabilities: PIPP (9) $ 52 $ 71 Other 63 99 Regulatory liabilities-current (10) 115 170 Provision for future cost of removal and AROs (11) 1,136 1,072 Nuclear decommissioning trust (12) 745 815 Deferred cost of fuel used in electric generation (1) 73 6 Other 219 98 Regulatory liabilities-non-current 2,173 1,991 Total regulatory liabilities $ 2,288 $ 2,161 Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 107 $ 79 Deferred nuclear refueling outage costs (3) 59 44 Deferred rate adjustment clause costs (2) 106 117 Other 56 58 Regulatory assets-current 328 298 Deferred rate adjustment clause costs (2) 148 179 Income taxes recoverable through future rates (7) 93 100 Derivatives (8) 125 101 Other 56 59 Regulatory assets-non-current 422 439 Total regulatory assets $ 750 $ 737 Regulatory liabilities: Other $ 44 $ 90 Regulatory liabilities-current (10) 44 90 Provision for future cost of removal (11) 886 852 Nuclear decommissioning trust (12) 745 815 Deferred cost of fuel used in electric generation (1) 73 6 Other 118 10 Regulatory liabilities-non-current 1,822 1,683 Total regulatory liabilities $ 1,866 $ 1,773 Dominion Gas Regulatory assets: Deferred rate adjustment clause costs (2) $ 13 $ 7 Unrecovered gas costs (4) 10 29 Other 1 2 Regulatory assets-current (5) 24 38 Unrecognized pension and other postretirement benefit costs (6) 231 242 Deferred rate adjustment clause costs (2) 78 71 Income taxes recoverable through future rates (7) 19 24 Other 59 42 Regulatory assets-non-current (13) 387 379 Total regulatory assets $ 411 $ 417 Regulatory liabilities: PIPP (9) $ 52 $ 71 Other 10 4 Regulatory liabilities-current (10) 62 75 Provision for future cost of removal and AROs (11) 171 172 Other 36 20 Regulatory liabilities-non-current (14) 207 192 Total regulatory liabilities $ 269 $ 267 (1) Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. See Note 12 for more information. (2) Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. (3) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (4) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (5) Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. (6) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's and Dominion Gas' rate-regulated subsidiaries. (7) Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. (8) For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or passed on to customers based on the ultimate settlement amount of the derivative. (9) Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. (10) Current regulatory liabilities are presented in other current liabilities in the Companies' Consolidated Balance Sheets. (11) Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. (13) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (14) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. At September 30, 2015, approximately $120 million of Dominion's, $91 million of Virginia Power's and $27 million of Dominion Gas' regulatory assets represented past expenditures on which they do not currently earn a return. These expenditures are expected to be recovered within the next two years. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | Regulatory Matters Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies' maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies' financial position, liquidity or results of operations. FERC - Electric Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Dominion's merchant generators sell electricity in the PJM, MISO, CAISO and ISO-NE wholesale markets, and to wholesale purchasers in the states of Tennessee, Georgia and California under Dominion's market-based sales tariffs authorized by FERC. Virginia Power purchases and, under its FERC market-based rate authority, sells electricity in the wholesale market. In addition, Virginia Power has FERC approval of a tariff to sell wholesale power at capped rates based on its embedded cost of generation. This cost-based sales tariff could be used to sell to loads within or outside Virginia Power's service territory. Any such sales would be voluntary. Rates In April 2008, FERC granted an application for Virginia Power's electric transmission operations to establish a forward-looking formula rate mechanism that updates transmission rates on an annual basis and approved an ROE of 11.4% , effective as of January 1, 2008. The formula rate is designed to recover the expected revenue requirement for each calendar year and is updated based on actual costs. The FERC-approved formula method, which is based on projected costs, allows Virginia Power to earn a current return on its growing investment in electric transmission infrastructure. In March 2010, ODEC and NCEMC filed a complaint with FERC against Virginia Power claiming that approximately $223 million in transmission costs related to specific projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power's transmission formula rate. In October 2010, FERC issued an order dismissing the complaint in part and established hearings and settlement procedures on the remaining part of the complaint. In February 2012, Virginia Power submitted to FERC a settlement agreement to resolve all issues set for hearing. The settlement was accepted by FERC in May 2012 and provides for payment by Virginia Power to the transmission customer parties collectively of $250,000 per year for ten years and resolves all matters other than allocation of the incremental cost of certain underground transmission facilities. In March 2014, FERC issued an order excluding from Virginia Power’s transmission rates for wholesale transmission customers located outside Virginia the incremental costs of undergrounding certain transmission line projects. FERC found it is not just and reasonable for non-Virginia wholesale transmission customers to be allocated the incremental costs of undergrounding the facilities because the projects are a direct result of Virginia legislation and Virginia Commission pilot programs intended to benefit the citizens of Virginia. The order is retroactively effective as of March 2010 and will cause the reallocation of the costs charged to wholesale transmission customers with loads outside Virginia to wholesale transmission customers with loads in Virginia. FERC determined that there was not sufficient evidence on the record to determine the magnitude of the underground increment and held a hearing to determine the appropriate amount of undergrounding cost to be allocated to each wholesale transmission customer in Virginia. While Virginia Power cannot predict the outcome of the hearing, it is not expected to have a material effect on results of operations. PJM Transmission Rates In April 2007, FERC issued an order regarding its transmission rate design for the allocation of costs among PJM transmission customers, including Virginia Power, for transmission service provided by PJM. For new PJM-planned transmission facilities that operate at or above 500 kV, FERC established a PJM regional rate design where customers pay according to each customer's share of the region's load. For recovery of costs of existing facilities, FERC approved the existing methodology whereby a customer pays the cost of facilities located in the same zone as the customer. A number of parties appealed the order to the U.S. Court of Appeals for the Seventh Circuit. In August 2009, the court issued its decision affirming the FERC order with regard to the existing facilities, but remanded to FERC the issue of the cost allocation associated with the new facilities 500 kV and above for further consideration by FERC. On remand, FERC reaffirmed its earlier decision to allocate the costs of new facilities 500 kV and above according to the customer’s share of the region’s load. A number of parties filed appeals of the order to the U.S. Court of Appeals for the Seventh Circuit. In June 2014, the court again remanded the cost allocation issue to FERC. In December 2014, FERC issued an order setting an evidentiary hearing and settlement proceeding regarding the cost allocation issue. The hearing only concerns the costs of new facilities approved by PJM prior to February 1, 2013. Transmission facilities approved after February 1, 2013 are allocated on a hybrid cost allocation method approved by FERC and not subject to any court review. Settlement discussions are ongoing. Virginia Power anticipates that the majority of the impacts of any rate design changes resulting from the settlement discussions will be recoverable through retail rates in Virginia. Other Regulatory Matters Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014 and Note 12 to the Consolidated Financial Statements in the Companies’ Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015. Virginia Regulation Biennial Review In connection with its current biennial review of Virginia Power’s base rates, terms and conditions, the Virginia Commission is reviewing Virginia Power’s earnings on its rates for generation and distribution services for the combined 2013 and 2014 test periods, and determining whether credits are due to customers in the event Virginia Power’s earnings exceeded the authorized ROE band of 9.3% to 10.7% . In September 2015, the Virginia Commission conducted an evidentiary hearing related to the biennial review. In its testimony, the Virginia Commission staff proposed making several regulatory adjustments to Virginia Power’s earnings. If the Virginia Commission were to accept all of these proposed adjustments, Virginia Power would have earned an ROE of 11.34% during the 2013 and 2014 test years, resulting in a total credit to customers of approximately $65 million . Virginia Power believes that the adjustments proposed by the Virginia Commission staff were improper and inconsistent with prior regulatory precedent. Virginia Power demonstrated that its costs, revenues and investments for the combined test periods resulted in an earned return of 10.13% , which is within the allowed range. Due to the uncertainty surrounding the Virginia Commission’s final ruling expected to be issued by the end of November 2015, Virginia Power has not recognized a liability related to the staff’s recommendation as of September 30, 2015. Virginia Fuel Expenses In August 2015, the Virginia Commission approved Virginia Power’s annual fuel factor filing to recover an estimated $1.6 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2015. Virginia Power’s new approved fuel rate, in effect on an interim basis since April 1, 2015, represents a fuel revenue decrease of approximately $512 million when applied to projected kilowatt-hour sales for the period April 1, 2015 to June 30, 2016. Remington Solar Facility In January 2015, Virginia Power applied for a CPCN to construct and operate a 20 MW utility-scale solar facility near its existing Remington Power Station in Fauquier County, Virginia. Virginia Power also applied for approval of Rider US-1 to recover the costs of the facility. In October 2015, the Virginia Commission denied approval of the CPCN and Rider US-1 based on the evidence in the record but stated that an application could be re-filed to address the concerns cited by the Virginia Commission. Virginia Power is reviewing the order and assessing its options. Rate Adjustment Clauses Below is a discussion of significant riders associated with various Virginia Power projects: • The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In August 2015, Virginia Power proposed a total revenue requirement of approximately $50 million for the rate year beginning May 1, 2016. Virginia Power further proposed two new energy efficiency programs for Virginia Commission approval with a requested five -year cost cap of approximately $51 million for those programs, and to extend an existing peak-shaving program for an additional five years under current funding. This case is pending. • The Virginia Commission previously approved Rider BW in conjunction with Brunswick County. In October 2015, Virginia Power proposed an approximately $156 million total revenue requirement for the rate year beginning September 1, 2016, which represents an approximately $45 million increase versus the previous year. This case is pending. North Anna Virginia Power is considering the construction of a third nuclear unit at a site located at North Anna. If Virginia Power decides to build a new unit, it must first receive a COL from the NRC, approval of the Virginia Commission and certain environmental permits and other approvals. The COL is expected in 2017. Virginia Power has not yet committed to building a new nuclear unit at North Anna. The motions and petitions filed by BREDL prior to April 2015 have been dismissed, and under a previous ruling of the NRC, the contested portion of the COL proceeding remains terminated. The NRC is required to conduct a hearing in all COL proceedings, and if a new contention is not admitted, the mandatory NRC hearing will be uncontested. In April 2015, BREDL filed a new motion and petition seeking to object to the NRC’s reliance on the continued storage rule in licensing proceedings. The BREDL filings are substantially the same as those filed in other COL proceedings in which final environmental impact statements were issued prior to promulgation of the continued storage rule, like North Anna 3. In June 2015, the NRC denied the April 2015 motion and petition. In August 2015, BREDL filed a petition in the U.S. Court of Appeals for the District of Columbia Circuit seeking review of the NRC’s June 2015 decision. Along with the petition for judicial review, BREDL also filed a motion to hold this judicial review in abeyance pending the outcome of the ongoing judicial review of the NRC’s rule pertaining to the continued onsite storage of spent nuclear fuel in litigation pending before the same court. Similar petitions were filed seeking judicial review of the NRC’s decision as it applies to other COL and license renewal proceedings. Virginia Power has filed a motion with the court to intervene in the proceeding. This case is pending. North Carolina Regulation In August 2015, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. Virginia Power proposed an approximately $11 million decrease to the fuel component of its electric rates for the rate year beginning January 1, 2016. This decrease includes the North Carolina Commission’s previous approval to defer recovering 50% of Virginia Power’s estimated $17 million jurisdictional deferred fuel balance to the 2016 fuel year, without interest. This case is pending. FERC - Gas In August 2015, FERC approved DTI’s Clarington Project, which is expected to cost approximately $80 million . The project is expected to provide 250,000 Dths per day of firm transportation service from central West Virginia to Clarington, Ohio. Construction is expected to commence in the fourth quarter of 2015 and to be placed into service in the fourth quarter of 2016. In October 2015, Cove Point received authorization to construct the approximately $30 million St. Charles Transportation Project and the approximately $40 million Keys Energy Project. Construction on each project is expected to commence in the fourth quarter of 2015. The St. Charles Transportation project is anticipated to be placed into service in June 2016. The Keys Energy Project is anticipated to be placed into service in March 2017. |
Asset Retirement Obligations
Asset Retirement Obligations | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies' long-lived assets. Dominion’s and Virginia Power’s AROs are primarily associated with the decommissioning of their nuclear generation facilities and also include those for ash pond closures and the future abatement of asbestos expected to be disturbed in their generation facilities. Dominion Gas' AROs primarily include plugging and abandonment of gas and oil wells and the interim retirement of natural gas gathering, transmission, distribution and storage pipeline components. The Companies have also identified, but not recognized, AROs related to retirement of Dominion’s LNG facility, Dominion Gas' storage wells in its underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power’s hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in Dominion's and Virginia Power's generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. The changes to AROs for Dominion and Virginia Power during 2014 and 2015 are presented below. There were no significant changes to Dominion Gas' AROs. Amount (millions) Dominion AROs at December 31, 2013 (1) $ 1,578 Obligations incurred during the period 40 Obligations settled during the period (82 ) Revisions in estimated cash flows (2) 102 Accretion 81 Other (5 ) AROs at December 31, 2014 (1) $ 1,714 Obligations incurred during the period (3) 307 Obligations settled during the period (72 ) Revisions in estimated cash flows (3) 35 Accretion 69 Other (1 ) AROs at September 30, 2015 (1) $ 2,052 Virginia Power AROs at December 31, 2013 $ 689 Obligations incurred during the period 28 Obligations settled during the period (1 ) Revisions in estimated cash flows (2) 108 Accretion 37 Other (6 ) AROs at December 31, 2014 (4) $ 855 Obligations incurred during the period (3) 288 Obligations settled during the period (22 ) Revisions in estimated cash flows (3) 32 Accretion 36 AROs at September 30, 2015 (4) $ 1,189 (1) Includes $94 million , $81 million and $228 million reported in other current liabilities at December 31, 2013, December 31, 2014 and September 30, 2015, respectively. (2) Relates primarily to a shift of the delayed planned date on which the DOE is expected to begin accepting spent nuclear fuel. (3) Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 16 for further information. (4) Includes $7 million and $159 million reported in other current liabilities at December 31, 2014 and September 30, 2015, respectively. Dominion and Virginia Power have established trusts dedicated to funding the future decommissioning of their nuclear plants. At September 30, 2015 and December 31, 2014, the aggregate fair value of Dominion’s trusts, consisting primarily of equity and debt securities, totaled $4.0 billion and $4.2 billion , respectively. At September 30, 2015 and December 31, 2014, the aggregate fair value of Virginia Power’s trusts, consisting primarily of debt and equity securities, totaled $1.9 billion . |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities As discussed in Note 15 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014, certain variable pricing terms in some of the Companies’ contracts cause them to be considered variable interests in the counterparties. Dominion and Dominion Gas Iroquois Dominion Midstream and Dominion Gas own a 25.93% and 24.72% noncontrolling partnership interest in Iroquois, respectively. See Note 3 for further details regarding the nature of this entity. Dominion concluded that Iroquois is a VIE because a non-affiliated Iroquois equity holder has the ability during a limited period of time to transfer its ownership interests to another Iroquois equity holder or its affiliate. At September 30, 2015, Dominion concluded that neither Dominion Midstream nor Dominion Gas is the primary beneficiary of Iroquois as they do not have the power to direct the activities of Iroquois that most significantly impact its economic performance, as the power to direct is shared among multiple unrelated parties. If Iroquois determines capital contributions are required, Dominion Midstream and Dominion Gas each would be obligated to provide the portion of capital contributions based on its ownership percentage. Dominion Midstream's and Dominion Gas’ maximum exposure to loss is limited to its current and future investment. Virginia Power Virginia Power has long-term power and capacity contracts with five non-utility generators with an aggregate summer generation capacity of approximately 870 MW. These contracts contain certain variable pricing mechanisms in the form of partial fuel reimbursement that Virginia Power considers to be variable interests. After an evaluation of the information provided by these entities, Virginia Power was unable to determine whether they were VIEs. However, the information they provided, as well as Virginia Power's knowledge of generation facilities in Virginia, enabled Virginia Power to conclude that, if they were VIEs, it would not be the primary beneficiary. This conclusion reflects Virginia Power's determination that its variable interests do not convey the power to direct the most significant activities that impact the economic performance of the entities during the remaining terms of Virginia Power's contracts and for the years the entities are expected to operate after its contractual relationships expire. The contracts expire at various dates ranging from 2015 to 2021 . Virginia Power is not subject to any risk of loss from these potential VIEs other than its remaining purchase commitments which totaled $478 million as of September 30, 2015. Virginia Power paid $52 million and $55 million for electric capacity and $17 million and $28 million for electric energy to these entities in the three months ended September 30, 2015 and 2014, respectively. Virginia Power paid $160 million and $166 million for electric capacity and $77 million and $115 million for electric energy to these entities in the nine months ended September 30, 2015 and 2014, respectively. Virginia Power and Dominion Gas Virginia Power and Dominion Gas purchased shared services from DRS, an affiliated VIE, of approximately $73 million and $27 million for the three months ended September 30, 2015, $82 million and $27 million for the three months ended September 30, 2014, $239 million and $85 million for the nine months ended September 30, 2015, and $246 million and $78 million for the nine months ended September 30, 2014, respectively. Virginia Power and Dominion Gas determined that each is not the most closely associated entity with DRS and therefore neither is the primary beneficiary. DRS provides accounting, legal, finance and certain administrative and technical services to all Dominion subsidiaries, including Virginia Power and Dominion Gas. Virginia Power and Dominion Gas have no obligation to absorb more than their allocated shares of DRS costs. |
Significant Financing Transacti
Significant Financing Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Significant Financing Transactions | Significant Financing Transactions Credit Facilities and Short-term Debt The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion’s credit ratings and the credit quality of its counterparties. Dominion At September 30, 2015, Dominion’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: Facility Outstanding Outstanding Facility (millions) Joint revolving credit facility (1) $ 4,000 $ 2,555 $ — $ 1,445 Joint revolving credit facility (1) 500 — 57 443 Total $ 4,500 $ 2,555 $ 57 $ 1,888 (1) These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be used for working capital, as support for the combined commercial paper programs of the Companies and for other general corporate purposes. At September 30, 2015, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Dominion Gas, were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 4,000 $ 1,362 $ — Joint revolving credit facility (1) 500 — — Total $ 4,500 $ 1,362 $ — (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion and Dominion Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2015, the sub-limit for Virginia Power was an aggregate $1.75 billion . If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility with a maturity date of April 2019. As of September 30, 2015, this facility supports approximately $119 million of certain variable rate tax-exempt financings of Virginia Power. Dominion Gas Dominion Gas’ short-term financing is supported by its access as co-borrower to the two joint revolving credit facilities. In December 2014, Dominion Gas entered into a commercial paper program pursuant to which it began accessing the commercial paper markets in January 2015. At September 30, 2015, Dominion Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Virginia Power were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,000 $ 382 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 382 $ — (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion and Virginia Power. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2015, the sub-limit for Dominion Gas was an aggregate $500 million . If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. Long-term Debt In May 2015, Virginia Power issued $350 million of 3.10% senior notes and $350 million of 4.20% senior notes that mature in 2025, and 2045, respectively. In June 2015, Dominion issued $500 million of 1.90% senior notes that mature in 2018. At the option of holders, $510 million of Dominion’s 5.25% senior notes due 2033 were subject to redemption at 100% of the principal amount plus accrued interest in August 2015. As a result, at December 31, 2014, the notes were included in securities due within one year in Dominion's Consolidated Balance Sheets. The option to redeem the notes expired in June 2015. As of September 30, 2015, the notes were included in long-term debt in Dominion's Consolidated Balance Sheets. In August 2015, Virginia Power remarketed five series of tax-exempt bonds, with an aggregate outstanding principal of $412 million to new investors. Two of the bonds will bear interest at a coupon rate of 1.75% for the first four years after which they will bear interest at a market rate to be determined at that time. Three of the bonds will bear interest at a coupon rate of 2.15% for the first five years after which they will bear interest at a market rate to be determined at that time. Previously, interest on all of the remarketed bonds was variable and reset monthly. This remarketing was accounted for as a debt extinguishment with the previous investors. In September 2015, Dominion issued $650 million of 3.90% senior notes that mature in 2025. Issuance of Common Stock Dominion maintains Dominion Direct® and a number of employee savings plans through which contributions may be invested in Dominion’s common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In January 2014, Dominion began purchasing its common stock on the open market for these plans. In April 2014, Dominion began issuing new common shares for these direct stock purchase plans. In December 2014, Dominion filed an SEC shelf registration for the sale of debt and equity securities including the ability to sell common stock through an at-the-market program. Also in December 2014, Dominion entered into four separate sales agency agreements to effect sales under the program and pursuant to which it may offer from time to time up to $500 million aggregate amount of its common stock. Sales of common stock can be made by means of privately negotiated transactions, as transactions on the NYSE at market prices or in such other transactions as are agreed upon by Dominion and the sales agents and in conformance with applicable securities laws. During the first quarter of 2015, Dominion provided sales instructions to the sales agents and issued 2.9 million shares through at-the-market issuances and received cash proceeds of approximately $219 million , net of fees and commissions paid of approximately $2 million . During the second quarter of 2015, Dominion provided sales instructions to the sales agents and issued 1.1 million shares through at-the-market issuances and received cash proceeds of approximately $78 million , net of fees and commissions paid of approximately $1 million . Following these issuances, Dominion has the ability to issue up to approximately $200 million of stock under the 2014 sales agency agreements. However, Dominion completed its 2015 planned market issuances of equity in May 2015 with the issuance of 2.8 million shares and receipt of proceeds of approximately $202 million through a registered underwritten public offering. Dominion has no current plans to issue to the market any additional shares of its common stock or other equity-linked securities in 2015. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters for which the Companies cannot estimate a range of possible loss, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations for which the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies' maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the financial position, liquidity or results of operations of the Companies. Environmental Matters The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. Air The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation's air quality. At a minimum, states are required to establish regulatory programs to address all requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies' facilities are subject to the CAA's permitting and other requirements. In December 2011, the EPA issued MATS for coal- and oil-fired electric utility steam generating units. The rule establishes strict emission limits for mercury, particulate matter as a surrogate for toxic metals and hydrogen chloride as a surrogate for acid gases. The rule includes a limited use provision for oil-fired units with annual capacity factors under 8% that provides an exemption from emission limits, and allows compliance with operational work practice standards. Compliance was required by April 16, 2015, with certain limited exceptions. However, in June 2014, the VDEQ granted a one -year MATS compliance extension for two coal-fired units at Yorktown to defer planned retirements and allow for continued operation of the units to address reliability concerns while necessary electric transmission upgrades are being completed. These coal units will need to continue operating until at least April 2017 due to delays in transmission upgrades needed to maintain electric reliability, which based on assumptions about the timing for required agency actions and construction schedules are expected to be completed by no earlier than the second quarter of 2017. Therefore, in October 2015 Virginia Power submitted a request to the EPA for an additional one year compliance extension under an EPA Administrative Order. In June 2015, the U.S. Supreme Court issued a decision holding that the EPA failed to take cost into account when the agency first decided to regulate the emissions from coal- and oil-fired plants, and remanded the MATS rule back to the D.C. Circuit Court. However, the Supreme Court did not vacate or stay the effective date and implementation of the MATS rule. Therefore, the Supreme Court’s decision does not change Dominion’s plans to close coal units at Yorktown or the need to complete necessary electricity transmission upgrades by 2017. At this time, Dominion intends to proceed as scheduled, pending further action regarding the MATS rule by the D.C. Circuit Court. The EPA established CAIR with the intent to require significant reductions in SO 2 and NOx emissions from electric generating facilities. In July 2008, the U.S. Court of Appeals for the D.C. Circuit issued a ruling vacating CAIR. In December 2008, the Court denied rehearing, but also issued a decision to remand CAIR to the EPA. In July 2011, the EPA issued a replacement rule for CAIR, called CSAPR, that required 28 states to reduce power plant emissions that cross state lines. CSAPR established new SO 2 and NOx emissions cap and trade programs that were completely independent of the current ARP. Specifically, CSAPR required reductions in SO 2 and NOx emissions from fossil fuel-fired electric generating units of 25 MW or more through annual NOx emissions caps, NOx emissions caps during the ozone season (May 1 through September 30) and annual SO 2 emission caps with differing requirements for two groups of affected states. Following numerous petitions by industry participants for review and a successful motion for stay, in October 2014, the U.S. Court of Appeals for the D.C. Circuit ordered that the EPA's motion to lift the stay of CSAPR be granted. Further, the Court granted the EPA's request to shift the CSAPR compliance deadlines by three years, so that Phase 1 emissions budgets (which would have gone into effect in 2012 and 2013) will apply in 2015 and 2016, and Phase 2 emissions budgets will apply in 2017 and beyond. CSAPR replaced CAIR beginning in January 2015. The cost to comply is not expected to be material to the Consolidated Financial Statements. Future outcomes of any additional litigation and/or any action to issue a revised rule could affect the assessment regarding cost of compliance. In October 2015, the EPA issued a final rule tightening the ozone standard from 75 ppb to 70 ppb. The EPA is expected to complete attainment designations for a new standard by December 2017 and states will have until 2020 or 2021 to develop plans to address the new standard. Until the states have developed implementation plans, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. However, if significant expenditures are required to implement additional controls, it could adversely affect the Companies' results of operations and cash flows. In August 2010, the EPA issued revised National Emission Standards for Hazardous Air Pollutants for Reciprocating Internal Combustion Engines. The rule was amended in March 2011 and January 2013. The rule establishes emission standards for control of hazardous air pollutants for engines at smaller facilities, known as area sources. As a result of these regulations, Dominion Gas installed emissions controls on several compressor engines. Dominion Gas has spent approximately $2 million to date and is evaluating further expenditures. Dominion Gas is unable to estimate the additional potential impacts on results of operations, financial condition and/or cash flows related to this matter. In August 2012, the EPA issued the first NSPS impacting the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of VOC emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. In September 2015, the EPA issued a proposed NSPS to regulate methane and VOC emissions from transmission and storage, gathering and boosting, production and processing facilities. All projects which commence construction after September 2015 will be required to comply with this regulation. Dominion is evaluating the proposed regulation and cannot currently estimate the potential impacts on results of operations, financial condition and/or cash flows related to this matter. In January 2015, as part of its Climate Action Plan, the EPA announced plans to reduce methane emissions from the oil and gas sector including natural gas processing and transmission sources. In July 2015, the EPA announced the next generation of its voluntary Natural Gas STAR program, the Natural Gas STAR Methane Challenge Program. The proposed program covers the entire natural gas sector from production to distribution, with more emphasis on transparency and increased reporting for both annual emissions and reductions achieved through implementation measures. Dominion is evaluating the proposed program and cannot currently estimate the potential impacts on results of operations, financial condition and/or cash flows related to this matter. Water The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities. In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion and Virginia Power have 14 and 11 facilities, respectively, that may be subject to the final regulations. Dominion anticipates that it will have to install impingement control technologies at many of these stations that have once-through cooling systems. Dominion and Virginia Power are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technology, cost and benefit studies. While the impacts of this rule could be material to Dominion's and Virginia Power's results of operations, financial condition and/or cash flows, the existing regulatory framework in Virginia provides rate recovery mechanisms that could substantially mitigate any such impacts for Virginia Power. In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule establishes updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. Dominion has seven facilities that may be subject to additional wastewater treatment requirements associated with the final rule. The expenditures to comply with these new requirements are expected to be material. Solid and Hazardous Waste The CERCLA, as amended, provides for immediate response and removal actions coordinated by the EPA in the event of threatened releases of hazardous substances into the environment and authorizes the U.S. government either to clean up sites at which hazardous substances have created actual or potential environmental hazards or to order persons responsible for the situation to do so. Under the CERCLA, as amended, generators and transporters of hazardous substances, as well as past and present owners and operators of contaminated sites, can be jointly, severally and strictly liable for the cost of cleanup. These potentially responsible parties can be ordered to perform a cleanup, be sued for costs associated with an EPA-directed cleanup, voluntarily settle with the U.S. government concerning their liability for cleanup costs, or voluntarily begin a site investigation and site remediation under state oversight. From time to time, Dominion, Virginia Power, or Dominion Gas may be identified as a potentially responsible party to a Superfund site. The EPA (or a state) can either allow such a party to conduct and pay for a remedial investigation, feasibility study and remedial action or conduct the remedial investigation and action itself and then seek reimbursement from the potentially responsible parties. Each party can be held jointly, severally and strictly liable for the cleanup costs. These parties can also bring contribution actions against each other and seek reimbursement from their insurance companies. As a result, Dominion, Virginia Power, or Dominion Gas may be responsible for the costs of remedial investigation and actions under the Superfund law or other laws or regulations regarding the remediation of waste. Except as noted below, the Companies do not believe this will have a material effect on results of operations, financial condition and/or cash flows. In September 2011, the EPA issued a UAO to Virginia Power and 22 other parties, ordering specific remedial action of certain areas at the Ward Transformer Superfund site located in Raleigh, North Carolina. Virginia Power does not believe it is a liable party under CERCLA based on its alleged connection to the site. In November 2011, Virginia Power and a number of other parties notified the EPA that they are declining to undertake the work set forth in the UAO. The EPA may seek to enforce a UAO in court pursuant to its enforcement authority under CERCLA, and may seek recovery of its costs in undertaking removal or remedial action. If the court determines that a respondent failed to comply with the UAO without sufficient cause, the EPA may also seek civil penalties of up to $37,500 per day for the violation and punitive damages of up to three times the costs incurred by the EPA as a result of the party's failure to comply with the UAO. Virginia Power is currently unable to make an estimate of the potential financial statement impacts related to the Ward Transformer matter. Dominion has determined that it is associated with 17 former manufactured gas plant sites, three of which pertain to Virginia Power and 12 of which pertain to Dominion Gas. Studies conducted by other utilities at their former manufactured gas plant sites have indicated that those sites contain coal tar and other potentially harmful materials. None of the former sites with which the Companies are associated is under investigation by any state or federal environmental agency. At one of the former sites, Dominion is conducting a state-approved post-closure groundwater monitoring program and an environmental land use restriction has been recorded. Another site has been accepted into a state-based voluntary remediation program. Virginia Power is currently evaluating the nature and extent of the contamination from this site as well as potential remedial options. Preliminary costs for options under evaluation for the site range from $1 million to $22 million . Due to the uncertainty surrounding the other sites, the Companies are unable to make an estimate of the potential financial statement impacts. See below for discussion on ash pond closure costs. Climate Change Legislation and Regulation In October 2013, the U.S. Supreme Court granted petitions filed by several industry groups, states, and the U.S. Chamber of Commerce seeking review of the D.C. Circuit Court's June 2012 decision upholding the EPA’s regulation of GHG emissions from stationary sources under the CAA's permitting programs. In June 2014, the U.S. Supreme Court ruled that the EPA lacked the authority under the CAA to require PSD or Title V permits for stationary sources based solely on GHG emissions. However, the Court upheld the EPA’s ability to require BACT for GHG for sources that are otherwise subject to PSD or Title V permitting for conventional pollutants. In July 2014, the EPA issued a memorandum specifying that it will no longer apply or enforce federal regulations or EPA-approved PSD state implementation plan provisions that require new and modified stationary sources to obtain a PSD permit when GHGs are the only pollutant that would be emitted at levels that exceed the permitting thresholds. In August 2015, the EPA published a final rule rescinding the requirement for all new and modified major sources to obtain permits based solely on their GHG emissions. In addition, the EPA stated that it will continue to use the existing thresholds to apply to sources that are otherwise subject to PSD for conventional pollutants until it completes a new rulemaking either justifying and upholding those thresholds or setting new ones. Some states have issued interim guidance that follows the EPA guidance. Due to uncertainty regarding what additional actions states may take to amend their existing regulations and what action the EPA ultimately takes to address the court ruling under a new rulemaking, the Companies cannot predict the impact to their financial statements at this time. In July 2011, the EPA signed a final rule deferring the need for PSD and Title V permitting for CO 2 emissions for biomass projects. This rule temporarily deferred for a period of up to three years the consideration of CO 2 emissions from biomass projects when determining whether a stationary source meets the PSD and Title V applicability thresholds, including those for the application of BACT. The deferral policy expired in July 2014. In July 2013, the U.S. Court of Appeals for the D.C. Circuit vacated this rule; however, a mandate making this decision effective has not been issued. Virginia Power converted three coal-fired generating stations, Altavista, Hopewell and Southampton, to biomass during the CO 2 deferral period. It is unclear how the court's decision or the EPA's final policy regarding the treatment of specific feedstock will affect biomass sources that were permitted during the deferral period; however, the expenditures to comply with any new requirements could be material to Dominion's and Virginia Power's financial statements. Other Legal Matters The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows. Appalachian Gateway Following the completion of the Appalachian Gateway Project in 2012, DTI received multiple change order requests and other claims for additional payments from a pipeline contractor for the project. In July 2013, DTI filed a complaint in U.S. District Court for the Eastern District of Virginia for breach of contract as well as accounting and declaratory relief. The contractor filed a motion to dismiss, or in the alternative, a motion to transfer venue to Pennsylvania and/or West Virginia, where the pipelines were constructed. DTI filed an opposition to the contractor’s motion in August 2013. In November 2013, the court granted the contractor’s motion on the basis that DTI must first comply with the dispute resolution process. In July 2015, the contractor filed a complaint against DTI in U.S. District Court for the Western District of Pennsylvania. In August 2015, DTI filed a motion to dismiss, or in the alternative, a motion to transfer venue to Virginia. This case is pending. DTI has accrued a liability of approximately $6 million for this matter. Dominion Gas cannot currently estimate additional financial statement impacts, but there could be a material impact to its financial condition and/or cash flows. Ash Pond Closure Costs In September 2014, Virginia Power received a notice from the SELC on behalf of the Potomac Riverkeeper and Sierra Club alleging CWA violations at Possum Point. The notice alleges unpermitted discharges to surface water and groundwater from Possum Point's historical and active ash storage facilities. A similar notice from the SELC on behalf of the Sierra Club was subsequently received related to Chesapeake. In December 2014, Virginia Power offered to close all of its coal ash ponds and landfills at Possum Point, Chesapeake and Bremo as settlement of the potential litigation. While the issue is open to potential further negotiations, the SELC declined the offer as presented in January 2015 and, in March 2015, filed a lawsuit related to its claims of the alleged CWA violations at Chesapeake. Virginia Power filed a motion to dismiss in April 2015. A ruling on the motion is pending. As a result of the settlement offer, Virginia Power recognized a charge of $121 million in other operations and maintenance expense in its Consolidated Statements of Income in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014. In April 2015, the EPA's final rule regulating the management of CCRs stored in impoundments (ash ponds) and landfills was published in the Federal Register. The final rule regulates CCR landfills, existing ash ponds that still receive and manage CCRs, and inactive ash ponds that do not receive, but still store CCRs. Virginia Power currently operates inactive ash ponds, existing ash ponds, and CCR landfills subject to the final rule at eight different facilities. The enactment of the final rule in April 2015 created a legal obligation for Virginia Power to retrofit or close all of its inactive and existing ash ponds over a certain period of time, as well as perform required monitoring, corrective action, and post-closure care activities as necessary. In the second quarter of 2015, Virginia Power recorded a $325 million ARO related to future ash pond and landfill closure costs. Recognition of the ARO also resulted in a $45 million incremental charge recorded in other operations and maintenance expense in its Consolidated Statement of Income, a $159 million increase in property, plant, and equipment associated with asset retirement costs, and a $121 million reduction in other noncurrent liabilities related to reversal of the contingent liability described above since the ARO obligation created by the final CCR rule represents similar activities. Dominion is in the process of obtaining the necessary permits to complete the work. The actual asset retirement costs related to the CCR rule may vary substantially from the estimates used to record the increased obligation in the second quarter, due to compliance requirements that may be imposed by the various state regulators. Nuclear Matters In March 2011, a magnitude 9.0 earthquake and subsequent tsunami caused significant damage at the Fukushima Daiichi nuclear power station in northeast Japan. These events have resulted in significant nuclear safety reviews required by the NRC and industry groups such as INPO. Like other U.S. nuclear operators, Dominion has been gathering supporting data and participating in industry initiatives focused on the ability to respond to and mitigate the consequences of design-basis and beyond-design-basis events at its stations. In July 2011, an NRC task force provided initial recommendations based on its review of the Fukushima Daiichi accident and in October 2011, the NRC staff prioritized these recommendations into Tiers 1, 2 and 3, with the Tier 1 recommendations consisting of actions which the staff determined should be started without unnecessary delay. In December 2011, the NRC Commissioners approved the agency staff's prioritization and recommendations, and that same month an appropriations act directed the NRC to require reevaluation of external hazards (not limited to seismic and flooding hazards) as soon as possible. Based on the prioritized recommendations, in March 2012, the NRC issued orders and information requests requiring specific reviews and actions to all operating reactors, construction permit holders and combined license holders based on the lessons learned from the Fukushima Daiichi event. The orders applicable to Dominion require implementation of safety enhancements related to mitigation strategies to respond to extreme natural events resulting in the loss of power at plants, and enhancing spent fuel pool instrumentation. The orders require prompt implementation of the safety enhancements and completion of implementation within two refueling outages or by December 31, 2016, whichever comes first. Implementation of these enhancements is currently in progress. The information requests issued by the NRC request each reactor to reevaluate the seismic and flooding hazards at their site using present-day methods and information, conduct walkdowns of their facilities to ensure protection against the hazards in their current design basis, and to reevaluate their emergency communications systems and staffing levels. Dominion and Virginia Power do not currently expect that compliance with the NRC's March 2012 orders and information requests will materially impact their financial position, results of operations or cash flows during the approximately four -year implementation period. The NRC staff is evaluating the implementation of the longer-term Tier 2 and Tier 3 recommendations. Dominion and Virginia Power are currently unable to estimate the potential financial impacts related to compliance with Tier 2 and Tier 3 recommendations. Guarantees, Surety Bonds and Letters of Credit Dominion At September 30, 2015, Dominion had issued $74 million of guarantees, primarily to support equity method investees. No significant amounts related to these guarantees have been recorded. As of September 30, 2015, Dominion’s exposure under these guarantees was $39 million , primarily related to certain reserve requirements associated with non-recourse financing. Dominion also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. To the extent that a liability subject to a guarantee has been incurred by one of Dominion's consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries' obligations. At September 30, 2015, Dominion had issued the following subsidiary guarantees: Stated Limit Value (1) (millions) Subsidiary debt (2) $ 27 $ 27 Commodity transactions (3) 2,682 1,075 Nuclear obligations (4) 197 75 Cove Point (5) 1,910 — Solar (6) 1,401 848 Other (7) 514 31 Total $ 6,731 $ 2,056 (1) Represents the estimated portion of the guarantee's stated limit that is utilized as of September 30, 2015 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. (2) Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. (3) Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. (4) Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. (5) Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million . (6) Includes guarantees to facilitate the development of solar projects including guarantees that do not have stated limits. Also includes guarantees entered into by DEI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. (7) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of September 30, 2015, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $55 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million . The value provided includes certain guarantees that do not have stated limits. Additionally, at September 30, 2015, Dominion had purchased $91 million of surety bonds, including $31 million at Virginia Power and $23 million at Dominion Gas, and authorized the issuance of letters of credit by financial institutions of $57 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid. |
Credit Risk
Credit Risk | 9 Months Ended |
Sep. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Credit Risk | Credit Risk The Companies' accounting policies for credit risk are discussed in Note 23 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014. At September 30, 2015, Dominion's credit exposure related to energy marketing and price risk management activities totaled $195 million . Of this amount, investment grade counterparties, including those internally rated, represented 64% . No single counterparty, whether investment grade or non-investment grade, exceeded $35 million of exposure. Credit-Related Contingent Provisions The majority of Dominion's derivative instruments contain credit-related contingent provisions. These provisions require Dominion to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of September 30, 2015 and December 31, 2014, Dominion would have been required to post an additional $14 million and $20 million , respectively, of collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion had not posted any collateral at September 30, 2015 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. Dominion had posted approximately $1 million in collateral at December 31, 2014 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. The collateral posted includes any amounts paid related to non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of September 30, 2015 and December 31, 2014 was $32 million and $49 million , respectively, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power and Dominion Gas were not material as of September 30, 2015 and December 31, 2014. See Note 9 for further information about derivative instruments. Dominion Gas In the third quarter of 2015, DTI provided service to 244 customers with approximately 95% of its storage and transportation revenue being provided through firm services. The ten largest customers provided approximately 45% of total storage and transportation revenue and the thirty largest provided approximately 72% of total storage and transportation revenue. Approximately 98% of the transmission capacity under contract on DTI’s pipeline is subscribed with long-term contracts ( two years or greater). The remaining 2% is contracted on a year-to-year basis. Less than 1% of firm transportation capacity is currently unsubscribed. More than 99% of DTI's storage capacity is under long-term contracts with less than 1% currently unsubscribed. East Ohio distributes natural gas to residential, commercial and industrial customers in Ohio using rates approved by the Ohio Commission. Approximately 99% of East Ohio revenues are derived from its jurisdictional gas services. East Ohio’s bad debt risk is mitigated by the regulatory framework established by the Ohio Commission. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Virginia Power and Dominion Gas engage in related party transactions primarily with other Dominion subsidiaries (affiliates). Virginia Power's and Dominion Gas' receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power and Dominion Gas are included in Dominion's consolidated federal income tax return. A discussion of significant related party transactions follows. Virginia Power Transactions with Affiliates Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of commodity swaps, to manage commodity price risks associated with purchases of natural gas. As of September 30, 2015, Virginia Power’s derivative assets and liabilities with affiliates were $22 million and $4 million , respectively. As of December 31, 2014, Virginia Power’s derivative assets and liabilities with affiliates were not material. See Notes 7 and 9 for more information. Virginia Power participates in certain Dominion benefit plans described in Note 19. In Virginia Power's Consolidated Balance Sheets at September 30, 2015 and December 31, 2014, amounts due to Dominion associated with these benefit plans included in other deferred credits and other liabilities were $292 million and $219 million , respectively, and amounts due from Dominion at September 30, 2015 and December 31, 2014 included in other deferred charges and other assets were $66 million and $37 million , respectively. DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. Presented below are Virginia Power's significant transactions with DRS and other affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Commodity purchases from affiliates $ 123 $ 120 $ 469 $ 435 Services provided by affiliates (1) 96 106 313 320 Services provided to affiliates 5 5 15 16 (1) Includes capitalized expenditures. Virginia Power has borrowed funds from Dominion under short-term borrowing arrangements. Virginia Power had no short-term demand note borrowings from Dominion as of September 30, 2015. There were $427 million in short-term demand note borrowings from Dominion as of December 31, 2014. Virginia Power had no outstanding borrowings under the Dominion money pool for its nonregulated subsidiaries as of September 30, 2015 and December 31, 2014. Interest charges related to Virginia Power's borrowings from Dominion were immaterial for the three and nine months ended September 30, 2015 and 2014. There were no issuances of Virginia Power's common stock to Dominion for the three and nine months ended September 30, 2015 or 2014. Dominion Gas Transactions with Related Parties Dominion Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Gas provides transportation and storage services to affiliates. Dominion Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of September 30, 2015 and December 31, 2014, all of Dominion Gas' commodity derivatives were with affiliates. See Notes 7 and 9 for more information. See Note 10 for information regarding sales of assets to an affiliate. Dominion Gas participates in certain Dominion benefit plans as described in Note 19. DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to related parties, including technical services. The costs of these services follow: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 3 $ 6 $ 7 $ 14 Sales of natural gas and transportation and storage services to affiliates 17 19 52 65 Services provided by related parties (1) 30 27 99 78 Services provided to related parties (2) 30 16 75 38 (1) Includes capitalized expenditures. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related party activity reflected in Dominion Gas' Consolidated Balance Sheets: September 30, 2015 December 31, 2014 (millions) Other receivables (1) $ 9 $ 17 Customer receivables from related parties 4 5 Imbalances receivable from affiliates (2) 1 3 Affiliated notes receivable (3) 13 9 (1) Represents amounts due from Atlantic Coast Pipeline, a related party VIE. (2) Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. Dominion Gas' borrowings under the IRCA with Dominion totaled $198 million as of September 30, 2015 and $384 million as of December 31, 2014. Interest charges related to Dominion Gas' total borrowings from Dominion were immaterial for the three and nine months ended September 30, 2015 and 2014. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Dominion The components of Dominion's provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 (millions) Three Months Ended September 30, Service cost $ 32 $ 29 $ 10 $ 7 Interest cost 71 73 17 17 Expected return on plan assets (132 ) (126 ) (29 ) (28 ) Amortization of prior service credit — — (7 ) (7 ) Amortization of net actuarial loss 40 28 1 1 Settlements and curtailments — 1 — — Net periodic benefit cost (credit) $ 11 $ 5 $ (8 ) $ (10 ) Nine Months Ended September 30, Service cost $ 95 $ 86 $ 30 $ 23 Interest cost 215 218 50 50 Expected return on plan assets (398 ) (376 ) (88 ) (83 ) Amortization of prior service cost (credit) 1 2 (20 ) (21 ) Amortization of net actuarial loss 120 84 4 2 Settlements and curtailments — 1 — — Net periodic benefit cost (credit) $ 33 $ 15 $ (24 ) $ (29 ) Employer Contributions During the nine months ended September 30, 2015, Dominion made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2015. Dominion Gas Dominion Gas participates in certain Dominion benefit plans as described in Note 21 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014. At September 30, 2015 and December 31, 2014, Dominion Gas’ amounts due from Dominion associated with the Dominion Pension Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $642 million and $614 million , respectively. At September 30, 2015 and December 31, 2014, Dominion Gas’ amounts due to Dominion associated with the Dominion Retiree Health and Welfare Plan and reflected in other deferred credits and other liabilities in the Consolidated Balance Sheets were $4 million and $7 million , respectively. The components of Dominion Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 (millions) Three Months Ended September 30, Service cost $ 4 $ 3 $ 2 $ 1 Interest cost 7 7 3 4 Expected return on plan assets (31 ) (29 ) (6 ) (6 ) Amortization of prior service cost — 1 — — Amortization of net actuarial loss 5 5 1 — Net periodic benefit credit $ (15 ) $ (13 ) $ — $ (1 ) Nine Months Ended September 30, Service cost $ 11 $ 9 $ 5 $ 4 Interest cost 21 21 10 10 Expected return on plan assets (94 ) (86 ) (18 ) (17 ) Amortization of prior service cost (credit) — 1 — (1 ) Amortization of net actuarial loss 15 14 2 — Net periodic benefit credit $ (47 ) $ (41 ) $ (1 ) $ (4 ) Employer Contributions During the nine months ended September 30, 2015, Dominion Gas made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Gas expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs, for both employees represented by collective bargaining units and employees not represented by collective bargaining units, during the remainder of 2015. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Virginia Power Dominion Gas DVP Regulated electric distribution X X Regulated electric transmission X X Dominion Generation Regulated electric fleet X X Merchant electric fleet X Nonregulated retail energy marketing X Dominion Energy Gas transmission and storage (1) X X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X (1) Includes remaining producer services activities for Dominion. In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion The Corporate and Other Segment of Dominion includes its corporate, service company and other functions (including unallocated debt) and the net impact of operations that are discontinued or sold. In addition, Corporate and Other includes specific items attributable to Dominion's operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. In January 2014, Dominion announced it would exit the electric retail energy marketing business. Dominion completed the sale in March 2014. As a result, the earnings impact from the electric retail energy marketing business has been included in the Corporate and Other Segment of Dominion for 2014 first quarter results of operations. In the second quarter of 2013, Dominion commenced a repositioning of its producer services business, which aggregates natural gas supply, engages in natural gas trading and marketing activities and natural gas supply management and provides price risk management services to Dominion affiliates. The repositioning was completed in the first quarter of 2014 and resulted in the termination of natural gas trading and certain energy marketing activities. As a result, the earnings impact from natural gas trading and certain energy marketing activities has been included in the Corporate and Other Segment of Dominion for 2014. In the nine months ended September 30, 2015, Dominion reported an after-tax net expense of $82 million for specific items in the Corporate and Other segment, with $80 million of these net expenses attributable to its operating segments. In the nine months ended September 30, 2014, Dominion reported an after-tax net expense of $446 million for specific items in the Corporate and Other segment, with $435 million of these net expenses attributable to its operating segments. The net expense for specific items in 2015 primarily related to the impact of the following items, all of which were attributable to Dominion Generation: • An $85 million ( $52 million after-tax) write-off of deferred fuel costs associated with Virginia legislation enacted in February 2015; • A $45 million ( $28 million after-tax) charge related to incremental future ash pond and landfill closure costs at certain utility generation facilities due to the enactment of the final CCR rule in April 2015; and • A $17 million ( $10 million after-tax) billing adjustment related to PJM; partially offset by • A $39 million ( $25 million after-tax) net gain on investments held in nuclear decommissioning trust funds. The net expense for specific items in 2014 primarily related to the impact of the following items: • $330 million ( $219 million after-tax) of charges associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities, attributable to Dominion Generation; • A $319 million ( $193 million after-tax) net loss related to the producer services business discussed above, attributable to Dominion Energy; • A $47 million ( $33 million after-tax) net loss related to the electric retail energy marketing business discussed above, including a $147 million ( $90 million after-tax) loss from normal operations, partially offset by a $100 million ( $57 million after-tax) gain on sale, net of a $31 million write-off of goodwill, attributable to Dominion Generation; and • A $38 million ( $23 million after-tax) one-time charge related to the implementation of a depreciation study retroactive to prior periods as ordered by the Virginia Commission, primarily attributable to Dominion Generation; partially offset by • A $53 million ( $33 million after-tax) net gain on investments held in nuclear decommissioning trust funds, attributable to Dominion Generation. The following table presents segment information pertaining to Dominion’s operations: DVP Dominion Dominion Corporate Adjustments/Eliminations Consolidated (millions) Three Months Ended September 30, 2015 Total revenue from external customers $ 539 $ 1,920 $ 335 $ — $ 177 $ 2,971 Intersegment revenue 4 12 195 128 (339 ) — Total operating revenue 543 1,932 530 128 (162 ) 2,971 Net income (loss) attributable to Dominion 125 391 152 (75 ) — 593 Three Months Ended September 30, 2014 Total revenue from external customers $ 480 $ 1,985 $ 380 $ 4 $ 201 $ 3,050 Intersegment revenue 4 11 223 140 (378 ) — Total operating revenue 484 1,996 603 144 (177 ) 3,050 Net income (loss) attributable to Dominion 119 326 144 (60 ) — 529 Nine Months Ended September 30, 2015 Total revenue from external customers $ 1,603 $ 5,742 $ 1,107 $ (9 ) $ 684 $ 9,127 Intersegment revenue 14 50 718 414 (1,196 ) — Total operating revenue 1,617 5,792 1,825 405 (512 ) 9,127 Net income (loss) attributable to Dominion 382 923 488 (251 ) — 1,542 Nine Months Ended September 30, 2014 Total revenue from external customers $ 1,425 $ 5,936 $ 1,171 $ 10 $ 951 $ 9,493 Intersegment revenue 13 48 964 422 (1,447 ) — Total operating revenue 1,438 5,984 2,135 432 (496 ) 9,493 Net income (loss) attributable to Dominion 366 794 482 (575 ) — 1,067 Intersegment sales and transfers for Dominion are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segments that are not included in profit measures evaluated by executive management in assessing the segments' performance or allocating resources among the segments. In the nine months ended September 30, 2015, Virginia Power reported an after-tax net expense of $ 101 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segments. In the nine months ended September 30, 2014, Virginia Power reported an after-tax net expense of $235 million for specific items in the Corporate and Other segment, with $239 million of these net expenses attributable to its operating segments. The net expense for specific items in 2015 primarily related to the impact of the following items, all of which were attributable to Dominion Generation: • An $85 million ( $52 million after-tax) write-off of deferred fuel costs associated with Virginia legislation enacted in February 2015; • A $45 million ( $28 million after-tax) charge related to incremental future ash pond and landfill closure costs at certain utility generation facilities due to the enactment of the final CCR rule in April 2015; and • A $15 million ( $9 million after-tax) billing adjustment related to PJM. The net expense for specific items in 2014 primarily related to the impact of the following items: • $330 million ( $219 million after-tax) of charges associated with Virginia legislation enacted in April 2014 relating to the development of a third nuclear unit located at North Anna and offshore wind facilities, attributable to Dominion Generation; and • A $38 million ( $23 million after-tax) one-time charge related to the implementation of a depreciation study retroactive to prior periods as ordered by the Virginia Commission, primarily attributable to Dominion Generation. The following table presents segment information pertaining to Virginia Power’s operations: DVP Dominion Corporate Consolidated (millions) Three Months Ended September 30, 2015 Operating revenue $ 541 $ 1,523 $ (6 ) $ 2,058 Net income (loss) 125 273 (13 ) 385 Three Months Ended September 30, 2014 Operating revenue $ 483 $ 1,570 $ — $ 2,053 Net income (loss) 120 248 (54 ) 314 Nine Months Ended September 30, 2015 Operating revenue $ 1,610 $ 4,419 $ (21 ) $ 6,008 Net income (loss) 382 618 (100 ) 900 Nine Months Ended September 30, 2014 Operating revenue $ 1,433 $ 4,332 $ — $ 5,765 Net income (loss) 371 570 (234 ) 707 Dominion Gas The Corporate and Other Segment of Dominion Gas primarily includes specific items attributable to Dominion Gas' operating segment that are not included in profit measures evaluated by executive management in assessing the segment's performance and the effect of certain items recorded at Dominion Gas as a result of Dominion's basis in the net assets contributed. In the nine months ended September 30, 2015 and 2014, Dominion Gas reported no amounts for specific items in the Corporate and Other segment. The following table presents segment information pertaining to Dominion Gas' operations: Dominion Energy Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2015 Operating revenue $ 365 $ — $ 365 Net income (loss) 113 (2 ) 111 Three Months Ended September 30, 2014 Operating revenue $ 391 $ — $ 391 Net income (loss) 108 (1 ) 107 Nine Months Ended September 30, 2015 Operating revenue $ 1,291 $ — $ 1,291 Net income (loss) 364 (7 ) 357 Nine Months Ended September 30, 2014 Operating revenue $ 1,388 $ — $ 1,388 Net income (loss) 370 (6 ) 364 |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting | As permitted by the rules and regulations of the SEC, the Companies' accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014. |
Estimates | The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. |
Consolidation | The Companies' accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion in 2014 and 2015. Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects. Dominion has claimed and/or expects to claim federal investment tax credits on the projects. These projects are included in the Dominion Generation operating segment. Completed Acquisition Date Seller Number of Projects Project Location Project Name(s) Initial Acquisition Cost (millions) (1) Project Cost (millions) (2) Date of Commercial Operations MW Capacity March 2014 Recurrent Energy Development Holdings, LLC 6 California Camelot, Kansas, Kent South, Old River One, Adams East, Columbia 2 $ 50 $ 428 Fourth quarter 2014 139 November 2014 CSI Project Holdco, LLC 1 California West Antelope 79 79 November 2014 20 December 2014 EDF Renewable Development, Inc. 1 California CID 71 71 January 2015 20 April 2015 EC&R NA Solar PV, LLC 1 California Alamo 66 66 May 2015 20 April 2015 EDF Renewable Development, Inc. 3 California City of Corcoran, Goose Lake, Marin Carport (3) 106 109 May 2015 24 June 2015 EDF Renewable Development, Inc. 1 California Catalina 2 68 68 July 2015 18 July 2015 SunPeak Solar, LLC 1 California Imperial Valley 2 42 69 August 2015 20 (1) The purchase price was primarily allocated to Property, Plant and Equipment. (2) Includes acquisition cost. (3) Marin Carport is expected to begin commercial operations in 2016. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Operating Revenue | The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Dominion Electric sales: Regulated $ 2,020 $ 2,026 $ 5,911 $ 5,674 Nonregulated 388 353 1,145 1,527 Gas sales: Regulated 21 25 168 242 Nonregulated 66 187 361 532 Gas transportation and storage 365 343 1,221 1,138 Other 111 116 321 380 Total operating revenue $ 2,971 $ 3,050 $ 9,127 $ 9,493 Virginia Power Regulated electric sales $ 2,020 $ 2,026 $ 5,911 $ 5,674 Other 38 27 97 91 Total operating revenue $ 2,058 $ 2,053 $ 6,008 $ 5,765 Dominion Gas Gas sales: Regulated $ 9 $ 15 $ 87 $ 152 Nonregulated 1 3 5 16 Gas transportation and storage 302 296 1,035 996 NGL revenue 20 54 71 155 Other 33 23 93 69 Total operating revenue $ 365 $ 391 $ 1,291 $ 1,388 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax | For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies' effective income tax rate as follows: Dominion Virginia Power Dominion Gas Nine Months Ended September 30, 2015 2014 2015 2014 2015 2014 U.S. statutory rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 4.0 2.7 4.2 3.9 4.1 3.7 Investment tax credits (3.5 ) (6.0 ) — — — — Production tax credits (0.8 ) (1.1 ) (0.5 ) (0.6 ) — — Other, net (0.9 ) 0.1 (0.2 ) 0.8 0.4 0.1 Effective tax rate 33.8 % 30.7 % 38.5 % 39.1 % 39.5 % 38.8 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion’s basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions, except EPS) Net income attributable to Dominion $ 593 $ 529 $ 1,542 $ 1,067 Average shares of common stock outstanding – Basic 594.6 583.1 591.3 582.2 Net effect of dilutive securities (1) 0.9 1.5 1.4 1.6 Average shares of common stock outstanding – Diluted 595.5 584.6 592.7 583.8 Earnings Per Common Share – Basic $ 1.00 $ 0.91 $ 2.61 $ 1.83 Earnings Per Common Share – Diluted $ 1.00 $ 0.90 $ 2.60 $ 1.83 (1) Dilutive securities consist primarily of the 2013 Equity Units for 2015 and contingently convertible senior notes and the 2013 Equity Units for 2014. See Note 15 in this report and Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014 for more information. |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives-hedging activities Unrealized gains and losses on investment securities Unrecognized pension and other postretirement benefit costs Other comprehensive income (loss) from equity method investee Total (millions) Three Months Ended September 30, 2015 Beginning balance $ (146 ) $ 519 $ (754 ) $ (5 ) $ (386 ) Other comprehensive income before reclassifications: gains (losses) (7 ) (59 ) (9 ) 1 (74 ) Amounts reclassified from AOCI (1) : (gains) losses (53 ) (2 ) 14 — (41 ) Net current-period other comprehensive income (loss) (60 ) (61 ) 5 1 (115 ) Ending balance $ (206 ) $ 458 $ (749 ) $ (4 ) $ (501 ) Three Months Ended September 30, 2014 Beginning balance $ (353 ) $ 534 $ (493 ) $ (5 ) $ (317 ) Other comprehensive income before reclassifications: gains (losses) (58 ) 2 — — (56 ) Amounts reclassified from AOCI (1) : (gains) losses (31 ) (21 ) 8 — (44 ) Net current-period other comprehensive income (loss) (89 ) (19 ) 8 — (100 ) Ending balance $ (442 ) $ 515 $ (485 ) $ (5 ) $ (417 ) Nine Months Ended September 30, 2015 Beginning balance $ (178 ) $ 548 $ (782 ) $ (4 ) $ (416 ) Other comprehensive income before reclassifications: gains (losses) 25 (55 ) (6 ) — (36 ) Amounts reclassified from AOCI (1) : (gains) losses (53 ) (35 ) 39 — (49 ) Net current-period other comprehensive income (loss) (28 ) (90 ) 33 — (85 ) Ending balance $ (206 ) $ 458 $ (749 ) $ (4 ) $ (501 ) Nine Months Ended September 30, 2014 Beginning balance $ (288 ) $ 474 $ (510 ) $ — $ (324 ) Other comprehensive income before reclassifications: gains (losses) (267 ) 80 — (5 ) (192 ) Amounts reclassified from AOCI (1) : (gains) losses 113 (39 ) 25 — 99 Net current-period other comprehensive income (loss) (154 ) 41 25 (5 ) (93 ) Ending balance $ (442 ) $ 515 $ (485 ) $ (5 ) $ (417 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (87 ) Operating revenue 2 Purchased gas Interest rate contracts 2 Interest and related charges (83 ) Tax 30 Income tax expense $ (53 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (18 ) Other income Impairment 16 Other income (2 ) Tax — Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (3 ) Other operations and maintenance Actuarial (gains) losses 24 Other operations and maintenance 21 Tax (7 ) Income tax expense $ 14 Three Months Ended September 30, 2014 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (66 ) Operating revenue 3 Purchased gas 5 Electric fuel and other energy-related purchases Interest rate contracts 5 Interest and related charges (53 ) Tax 22 Income tax expense $ (31 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (38 ) Other income Impairment 4 Other income (34 ) Tax 13 Income tax expense $ (21 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (4 ) Other operations and maintenance Actuarial (gains) losses 18 Other operations and maintenance 14 Tax (6 ) Income tax expense $ 8 Nine Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (103 ) Operating revenue 9 Purchased gas Interest rate contracts 7 Interest and related charges (87 ) Tax 34 Income tax expense $ (53 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (82 ) Other income Impairment 27 Other income (55 ) Tax 20 Income tax expense $ (35 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (9 ) Other operations and maintenance Actuarial (gains) losses 73 Other operations and maintenance 64 Tax (25 ) Income tax expense $ 39 Nine Months Ended September 30, 2014 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 175 Operating revenue 7 Purchased gas (8 ) Electric fuel and other energy-related purchases Interest rate contracts 11 Interest and related charges 185 Tax (72 ) Income tax expense $ 113 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (71 ) Other income Impairment 8 Other income (63 ) Tax 24 Income tax expense $ (39 ) Unrecognized pension and other postretirement benefit costs: Prior service (credit) costs $ (9 ) Other operations and maintenance Actuarial (gains) losses 52 Other operations and maintenance 43 Tax (18 ) Income tax expense $ 25 |
Dominion Gas Holdings, LLC | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Gas’ changes in AOCI by component, net of tax: Deferred gains and losses on derivatives-hedging activities Unrecognized pension and other postretirement benefit costs Total (millions) Three Months Ended September 30, 2015 Beginning balance $ (22 ) $ (64 ) $ (86 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI (1) : (gains) losses (2 ) 1 (1 ) Net current-period other comprehensive income 1 1 2 Ending balance $ (21 ) $ (63 ) $ (84 ) Three Months Ended September 30, 2014 Beginning balance $ (16 ) $ (59 ) $ (75 ) Other comprehensive income before reclassifications: gains (losses) (7 ) — (7 ) Amounts reclassified from AOCI (1) : (gains) losses 4 1 5 Net current-period other comprehensive income (loss) (3 ) 1 (2 ) Ending balance $ (19 ) $ (58 ) $ (77 ) Nine Months Ended September 30, 2015 Beginning balance $ (20 ) $ (66 ) $ (86 ) Other comprehensive income before reclassifications: gains (losses) 2 — 2 Amounts reclassified from AOCI (1) : (gains) losses (3 ) 3 — Net current-period other comprehensive income (loss) (1 ) 3 2 Ending balance $ (21 ) $ (63 ) $ (84 ) Nine Months Ended September 30, 2014 Beginning balance $ 3 $ (61 ) $ (58 ) Other comprehensive income before reclassifications: gains (losses) (33 ) — (33 ) Amounts reclassified from AOCI (1) : (gains) losses 11 3 14 Net current-period other comprehensive income (loss) (22 ) 3 (19 ) Ending balance $ (19 ) $ (58 ) $ (77 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Gas' reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (3 ) Operating revenue (3 ) Tax 1 Income tax expense $ (2 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Three Months Ended September 30, 2014 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 1 Operating revenue 5 Purchased gas 6 Tax (2 ) Income tax expense $ 4 Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 2 Other operations and maintenance 2 Tax (1 ) Income tax expense $ 1 Nine Months Ended September 30, 2015 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (4 ) Operating revenue (4 ) Tax 1 Income tax expense $ (3 ) Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 6 Other operations and maintenance 6 Tax (3 ) Income tax expense $ 3 Nine Months Ended September 30, 2014 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 8 Operating revenue 10 Purchased gas 18 Tax (7 ) Income tax expense $ 11 Unrecognized pension and other postretirement benefit costs: Actuarial (gains) losses $ 5 Other operations and maintenance 5 Tax (2 ) Income tax expense $ 3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, Option, Quantitative Disclosures | The following table presents Dominion's quantitative information about Level 3 fair value measurements at September 30, 2015. The range and weighted average are presented in dollars for market price inputs and percentages for credit spreads and price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets: Physical and Financial Forwards and Futures: Natural Gas (2) $ 99 Discounted Cash Flow Market Price (per Dth) (4) (2) - 4 (1 ) Credit spread (5) 1% - 6% 3 % Liquids (3) 5 Discounted Cash Flow Market Price (per Gal) (4) 0 - 2 1 Electric 4 Discounted Cash Flow Market Price (per MWh) (4) 26 - 47 45 FTRs 23 Discounted Cash Flow Market Price (per MWh) (4) (3) - 12 2 Physical and Financial Options: Natural Gas 6 Option Model Market Price (per Dth) (4) 2 - 6 4 Price Volatility (6) 23% - 75% 44 % Total assets $ 137 Liabilities: Physical and Financial Forwards and Futures: Natural Gas (2) $ 10 Discounted Cash Flow Market Price (per Dth) (4) (2) - 4 1 FTRs 2 Discounted Cash Flow Market Price (per MWh) (4) (12) - 12 1 Physical and Financial Options: Natural Gas 2 Option Model Market Price (per Dth) (4) 2 - 4 3 Price Volatility (6) 23% - 50% 34 % Total liabilities $ 14 (1) Averages weighted by volume. (2) Includes basis. (3) Includes NGLs and oil. (4) Represents market prices beyond defined terms for Levels 1 and 2. (5) Represents credit spreads unrepresented in published markets. (6) Represents volatilities unrepresented in published markets. |
Significant Unobservable Inputs | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) Price Volatility Buy Increase (decrease) Gain (loss) Price Volatility Sell Increase (decrease) Loss (gain) Credit spread Asset Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2015 Assets: Derivatives: Commodity $ 1 $ 237 $ 137 $ 375 Interest rate — 31 — 31 Investments (1) : Equity securities: U.S.: Large cap 2,401 — — 2,401 Other 5 — — 5 REIT 59 — — 59 Non-U.S.: Large cap 10 — — 10 Fixed income: Corporate debt instruments — 463 — 463 U.S. Treasury securities and agency debentures 431 184 — 615 State and municipal — 395 — 395 Other — 97 — 97 Cash equivalents and other 6 1 — 7 Total assets $ 2,913 $ 1,408 $ 137 $ 4,458 Liabilities: Derivatives: Commodity $ 1 $ 117 $ 14 $ 132 Interest rate — 214 — 214 Total liabilities $ 1 $ 331 $ 14 $ 346 At December 31, 2014 Assets: Derivatives: Commodity $ 3 $ 567 $ 125 $ 695 Interest rate — 24 — 24 Investments (1) : Equity securities: U.S.: Large cap 2,669 — — 2,669 Other 6 — — 6 Non-U.S.: Large cap 12 — — 12 Fixed income: Corporate debt instruments — 441 — 441 U.S. Treasury securities and agency debentures 419 190 — 609 State and municipal — 395 — 395 Other — 74 — 74 Cash equivalents and other 3 10 — 13 Total assets $ 3,112 $ 1,701 $ 125 $ 4,938 Liabilities: Derivatives: Commodity $ 3 $ 571 $ 18 $ 592 Interest rate — 202 — 202 Total liabilities $ 3 $ 773 $ 18 $ 794 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Beginning balance $ 71 $ 3 $ 107 $ (16 ) Total realized and unrealized gains (losses): Included in earnings (9 ) (2 ) 1 98 Included in other comprehensive income (loss) 5 4 (7 ) 7 Included in regulatory assets/liabilities 47 39 18 53 Settlements 10 5 1 (94 ) Transfers out of Level 3 (1) (1 ) (2 ) 3 (1 ) Ending balance $ 123 $ 47 $ 123 $ 47 The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date $ 1 $ 1 $ 1 $ 2 (1) In March 2015, Dominion changed the classification of certain short term NGL derivatives from Level 3 to Level 2 due to an increase in liquidity in financial forward markets. The transfers out of Level 3 that relate to NGLs for the three and nine months ended September 30, 2015 are $--- million and $9 million , respectively. |
Fair Value, Unobservable Inputs, Gain (Loss) Included In Earnings | The following table presents Dominion's classification of gains and losses included in earnings in the Level 3 fair value category: Operating Purchased Gas Electric fuel Total (millions) Three Months Ended September 30, 2015 Total gains (losses) included in earnings $ — $ — $ (9 ) $ (9 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date — — 1 1 Three Months Ended September 30, 2014 Total gains (losses) included in earnings $ 3 $ (3 ) $ (2 ) $ (2 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 3 (2 ) — 1 Nine Months Ended September 30, 2015 Total gains (losses) included in earnings $ 2 $ — $ (1 ) $ 1 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 1 — — 1 Nine Months Ended September 30, 2014 Total gains (losses) included in earnings $ (7 ) $ (4 ) $ 109 $ 98 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date 4 (2 ) — 2 |
Cost and Fair Value of Financial Instruments Disclosure | For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: September 30, 2015 December 31, 2014 Carrying Estimated Fair (1) Carrying Estimated Fair (1) (millions) Dominion Long-term debt, including securities due within one year (2)(3) $ 21,318 $ 22,923 $ 19,723 $ 21,881 Junior subordinated notes (3) 1,370 1,290 1,374 1,396 Remarketable subordinated notes (3) 2,085 2,214 2,083 2,362 Virginia Power Long-term debt, including securities due within one year (3) $ 9,629 $ 10,764 $ 8,937 $ 10,293 Dominion Gas Long-term debt (3) $ 2,595 $ 2,618 $ 2,594 $ 2,672 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) At both September 30, 2015 and December 31, 2014, includes the valuation of certain fair value hedges associated with fixed rate debt of approximately $19 million . (3) Carrying amount includes amounts which represent the unamortized discount and/or premium. |
Virginia Electric and Power Company | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, Option, Quantitative Disclosures | The following table presents Virginia Power's quantitative information about Level 3 fair value measurements at September 30, 2015. The range and weighted average are presented in dollars for market price inputs and percentages for credit spreads and price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets: Physical and Financial Forwards and Futures: FTRs $ 23 Discounted Cash Flow Market Price (per MWh) (3) (3) - 12 2 Natural Gas (2) 93 Discounted Cash Flow Market Price (per Dth) (3) (2) - 3 (1 ) Credit spread (4) 1% - 6% 3 % Electric 4 Discounted Cash Flow Market Price (per MWh) (3) 44 - 47 45 Physical and Financial Options: Natural Gas 2 Discounted Cash Flow Market Price (per Dth) (3) 2 - 6 5 Price Volatility (5) 50% - 75% 66 % Total assets $ 122 Liabilities: Physical and Financial Forwards and Futures: FTRs $ 2 Discounted Cash Flow Market Price (per MWh) (3) (12) - 12 1 Total liabilities $ 2 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents credit spreads unrepresented in published markets. (5) Represents volatilities unrepresented in published markets. |
Significant Unobservable Inputs | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) Credit spread Asset Increase (decrease) Loss (gain) Price Volatility Buy Increase (decrease) Gain (loss) Price Volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2015 Assets: Derivatives: Commodity $ — $ 20 $ 122 $ 142 Interest rate — 8 — 8 Investments (1) : Equity securities: U.S. large cap 1,037 — — 1,037 REIT 59 — 59 Fixed income: Corporate debt instruments — 252 — 252 U.S. Treasury securities and agency debentures 164 61 — 225 State and municipal — 199 — 199 Other — 30 — 30 Total assets $ 1,260 $ 570 $ 122 $ 1,952 Liabilities: Derivatives: Commodity $ — $ 4 $ 2 $ 6 Interest rate — 67 — 67 Total liabilities $ — $ 71 $ 2 $ 73 At December 31, 2014 Assets: Derivatives: Commodity $ — $ 7 $ 106 $ 113 Investments (1) : Equity securities: U.S. large cap 1,157 — — 1,157 Fixed income: Corporate debt instruments — 250 — 250 U.S. Treasury securities and agency debentures 137 61 — 198 State and municipal — 211 — 211 Other — 23 — 23 Total assets $ 1,294 $ 552 $ 106 $ 1,952 Liabilities: Derivatives: Commodity $ — $ 11 $ 4 $ 15 Interest rate — 72 — 72 Total liabilities $ — $ 83 $ 4 $ 87 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Beginning balance $ 73 $ 7 $ 102 $ (7 ) Total realized and unrealized gains (losses): Included in earnings (10 ) (2 ) (1 ) 109 Included in regulatory assets/liabilities 47 39 18 53 Settlements 10 2 1 (109 ) Ending balance $ 120 $ 46 $ 120 $ 46 |
Dominion Gas Holdings, LLC | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, Option, Quantitative Disclosures | The range and weighted average are presented in dollars for market price inputs and percentages for credit spreads. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets: Physical and Financial Forwards and Futures: NGLs $ 4 Discounted Cash Flow Market Price (per Gal) (2) 0 - 2 1 Total assets $ 4 (1) Averages weighted by volume. (2) Represents market prices beyond defined terms for Levels 1 and 2. |
Significant Unobservable Inputs | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market Price Buy Increase (decrease) Gain (loss) Market Price Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Gas' assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2015 Assets: Commodity $ — $ 5 $ 4 $ 9 Total Assets $ — $ 5 $ 4 $ 9 Liabilities: Commodity $ — $ 1 $ — $ 1 Interest rate — 17 — 17 Total liabilities $ — $ 18 $ — $ 18 At December 31, 2014 Assets: Commodity $ — $ — $ 2 $ 2 Total Assets $ — $ — $ 2 $ 2 Liabilities: Interest rate $ — $ 9 $ — $ 9 Total liabilities $ — $ 9 $ — $ 9 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Gas' assets and liabilities for derivatives measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Beginning balance $ (1 ) $ (3 ) $ 2 $ (6 ) Total realized and unrealized gains (losses): Included in earnings — (1 ) 1 (8 ) Included in other comprehensive income (loss) 5 5 (7 ) 8 Settlements — — (1 ) 7 Transfers out of Level 3 (1) — — 9 — Ending balance $ 4 $ 1 $ 4 $ 1 (1) In March 2015, Dominion Gas changed the classification of certain short term NGL derivatives from Level 3 to Level 2 due to an increase in liquidity in financial forward markets. The transfers out of Level 3 that relate to NGLs for the three and nine months ended September 30, 2015 are $--- million and $9 million , respectively. |
Derivatives and Hedge Account36
Derivatives and Hedge Accounting Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Dominion's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2015 December 31, 2014 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 31 $ — $ 31 $ 24 $ — $ 24 Commodity contracts: Over-the-counter 270 — 270 382 — 382 Exchange 95 — 95 298 — 298 Total derivatives, subject to a master netting or similar arrangement 396 — 396 704 — 704 Total derivatives, not subject to a master netting or similar arrangement 10 — 10 15 — 15 Total $ 406 $ — $ 406 $ 719 $ — $ 719 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Interest rate contracts: Over-the-counter $ 31 $ 29 $ — $ 2 $ 24 $ 16 $ — $ 8 Commodity contracts: Over-the-counter 270 16 23 231 382 34 34 314 Exchange 95 74 — 21 298 298 — — Total $ 396 $ 119 $ 23 $ 254 $ 704 $ 348 $ 34 $ 322 |
Offsetting Liabilities | September 30, 2015 December 31, 2014 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 214 $ — $ 214 $ 202 $ — $ 202 Commodity contracts: Over-the-counter 39 — 39 87 — 87 Exchange 84 — 84 493 — 493 Total derivatives, subject to a master netting or similar arrangement 337 — 337 782 — 782 Total derivatives, not subject to a master netting or similar arrangement 9 — 9 12 — 12 Total $ 346 $ — $ 346 $ 794 $ — $ 794 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 214 $ 29 $ — $ 185 $ 202 $ 16 $ — $ 186 Commodity contracts: Over-the-counter 39 16 — 23 87 34 1 52 Exchange 84 74 10 — 493 298 195 — Total $ 337 $ 119 $ 10 $ 208 $ 782 $ 348 $ 196 $ 238 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion’s derivative activity as of September 30, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 57 14 Basis 267 605 Electricity (MWh): Fixed price 13,869,299 3,399,889 FTRs 49,967,941 — Capacity (MW) 12,200 — Liquids (Gal) (2) 65,772,000 18,774,000 Interest rate $ 2,250,000,000 $ 3,000,000,000 (1) Includes options. (2) Includes NGLs and oil. |
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion’s Consolidated Balance Sheet at September 30, 2015: AOCI After-Tax Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (8 ) $ (7 ) 25 months Electricity 67 50 15 months Other 5 4 18 months Interest rate (270 ) (9 ) 387 months Total $ (206 ) $ 38 |
Fair Value of Derivatives | The following table presents the fair values of Dominion’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At September 30, 2015 ASSETS Current Assets Commodity $ 63 $ 169 $ 232 Interest rate 11 — 11 Total current derivative assets 74 169 243 Noncurrent Assets Commodity 10 133 143 Interest rate 20 — 20 Total noncurrent derivative assets (1) 30 133 163 Total derivative assets $ 104 $ 302 $ 406 LIABILITIES Current Liabilities Commodity $ 20 $ 90 $ 110 Interest rate 144 — 144 Total current derivative liabilities (2) 164 90 254 Noncurrent Liabilities Commodity 6 16 22 Interest Rate 70 — 70 Total noncurrent derivative liabilities (3) 76 16 92 Total derivative liabilities $ 240 $ 106 $ 346 At December 31, 2014 ASSETS Current Assets Commodity $ 281 $ 242 $ 523 Interest rate 13 — 13 Total current derivative assets 294 242 536 Noncurrent Assets Commodity 71 101 172 Interest rate 11 — 11 Total noncurrent derivative assets (1) 82 101 183 Total derivative assets $ 376 $ 343 $ 719 LIABILITIES Current Liabilities Commodity $ 224 $ 267 $ 491 Interest rate 100 — 100 Total current derivative liabilities (2) 324 267 591 Noncurrent Liabilities Commodity 55 46 101 Interest rate 102 — 102 Total noncurrent derivative liabilities (3) 157 46 203 Total derivative liabilities $ 481 $ 313 $ 794 (1) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. (3) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | The following tables present the gains and losses on Dominion's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (1) Amount of Gain Increase (2) (millions) Three Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 87 Purchased gas (2 ) Total commodity $ 64 $ 85 $ — Interest rate (3) (71 ) (2 ) (69 ) Total $ (7 ) $ 83 $ (69 ) Three Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 66 Purchased gas (3 ) Electric fuel and other energy-related purchases (5 ) Total commodity $ (74 ) $ 58 $ — Interest rate (3) (20 ) (5 ) (7 ) Total $ (94 ) $ 53 $ (7 ) Nine Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ 103 Purchased gas (9 ) Total commodity $ 117 $ 94 $ 3 Interest rate (3) (72 ) (7 ) (27 ) Total $ 45 $ 87 $ (24 ) Nine Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity: Operating revenue $ (175 ) Purchased gas (7 ) Electric fuel and other energy-related purchases 8 Total commodity $ (291 ) $ (174 ) $ (1 ) Interest rate (3) (139 ) (11 ) (38 ) Total $ (430 ) $ (185 ) $ (39 ) (1) Amounts deferred into AOCI have no associated effect in Dominion’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (3) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. |
Schedule of Derivatives not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments 2015 2014 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 2 $ 35 $ 20 $ (327 ) Purchased gas (3 ) (39 ) (12 ) (33 ) Electric fuel and other energy-related purchases (4 ) — 5 125 Interest rate (2) (1 ) — (1 ) — Total $ (6 ) $ (4 ) $ 12 $ (235 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. (2) Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. |
Virginia Electric and Power Company | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Virginia Power's derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting: September 30, 2015 December 31, 2014 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 8 $ — $ 8 $ — $ — $ — Commodity contracts: Over-the-counter 120 — 120 106 — 106 Total derivatives, subject to a master netting or similar arrangement 128 — 128 106 — 106 Total derivatives, not subject to a master netting or similar arrangement 22 — 22 7 — 7 Total $ 150 $ — $ 150 $ 113 $ — $ 113 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Interest rate contracts: Over-the-counter $ 8 $ 7 $ — $ 1 $ — $ — $ — $ — Commodity contracts: Over-the-counter 120 2 — 118 106 4 — 102 Total $ 128 $ 9 $ — $ 119 $ 106 $ 4 $ — $ 102 |
Offsetting Liabilities | September 30, 2015 December 31, 2014 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 67 $ — $ 67 $ 72 $ — $ 72 Commodity contracts: Over-the-counter 2 — 2 8 — 8 Total derivatives, subject to a master netting or similar arrangement 69 — 69 80 — 80 Total derivatives, not subject to a master netting or similar arrangement 4 — 4 7 — 7 Total $ 73 $ — $ 73 $ 87 $ — $ 87 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 67 $ 7 $ — $ 60 $ 72 $ — $ — $ 72 Commodity contracts: Over-the-counter 2 2 — — 8 4 — 4 Total $ 69 $ 9 $ — $ 60 $ 80 $ 4 $ — $ 76 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity as of September 30, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 12 — Basis 130 539 Electricity (MWh): FTRs 49,069,990 — Capacity (MW) 12,200 — Interest rate $ 450,000,000 $ 750,000,000 (1) Includes options. |
Fair Value of Derivatives | The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Fair Value – Total Fair Value (millions) At September 30, 2015 ASSETS Current Assets Commodity $ — $ 40 $ 40 Total current derivative assets (1) — 40 40 Noncurrent Assets Commodity — 102 102 Interest rate 8 — 8 Total noncurrent derivative assets (2) 8 102 110 Total derivative assets $ 8 $ 142 $ 150 LIABILITIES Current Liabilities Commodity $ — $ 6 $ 6 Interest rate 39 — 39 Total current derivative liabilities (3) 39 6 45 Noncurrent Liabilities Interest rate 28 — 28 Total noncurrent derivatives liabilities (4) 28 — 28 Total derivative liabilities $ 67 $ 6 $ 73 At December 31, 2014 ASSETS Current Assets Commodity $ — $ 51 $ 51 Total current derivative assets (1) — 51 51 Noncurrent Assets Commodity — 62 62 Total noncurrent derivative assets (2) — 62 62 Total derivative assets $ — $ 113 $ 113 LIABILITIES Current Liabilities Commodity $ 3 $ 12 $ 15 Interest rate 45 — 45 Total current derivative liabilities (3) 48 12 60 Noncurrent Liabilities Interest rate 27 — 27 Total noncurrent derivative liabilities (4) 27 — 27 Total derivative liabilities $ 75 $ 12 $ 87 (1) Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | The following tables present the gains and losses on Virginia Power's derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (1) Amount of Gain Increase (2) (millions) Three Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ — Total commodity $ — $ — $ — Interest rate (3) (9 ) — (69 ) Total $ (9 ) $ — $ (69 ) Three Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ (1 ) Total commodity $ (1 ) $ (1 ) $ — Interest rate (3) — — (7 ) Total $ (1 ) $ (1 ) $ (7 ) Nine Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ (1 ) Total commodity $ — $ (1 ) $ 3 Interest rate (3) (4 ) — (27 ) Total $ (4 ) $ (1 ) $ (24 ) Nine Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity: Electric fuel and other energy-related purchases $ 5 Total commodity $ 5 $ 5 $ (1 ) Interest rate (3) (5 ) — (38 ) Total $ — $ 5 $ (39 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Schedule of Derivatives not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments 2015 2014 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity (2) $ (6 ) $ (3 ) $ 6 $ 108 Total $ (6 ) $ (3 ) $ 6 $ 108 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Dominion Gas Holdings, LLC | |
Derivative [Line Items] | |
Offsetting Assets | The tables below present Dominion Gas' derivative asset and liability balances by type of financial instrument, before and after the effects of offsetting. September 30, 2015 December 31, 2014 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Commodity contracts: Over-the-counter $ 9 $ — $ 9 $ 2 $ — $ 2 Total derivatives, subject to a master netting or similar arrangement $ 9 $ — $ 9 $ 2 $ — $ 2 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 9 $ 1 $ — $ 8 $ 2 $ — $ — $ 2 Total $ 9 $ 1 $ — $ 8 $ 2 $ — $ — $ 2 |
Offsetting Liabilities | September 30, 2015 December 31, 2014 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 17 $ — $ 17 $ 9 $ — $ 9 Commodity contracts: Over-the-counter 1 — 1 — — — Total derivatives, subject to a master netting or similar arrangement $ 18 $ — $ 18 $ 9 $ — $ 9 September 30, 2015 December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 17 $ — $ — $ 17 $ 9 $ — $ — $ 9 Commodity contracts: Over-the-counter 1 1 — — — — — — Total $ 18 $ 1 $ — $ 17 $ 9 $ — $ — $ 9 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Gas' derivative activity as of September 30, 2015. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price 3 — Basis 3 — NGLs (Gal) 64,302,000 16,758,000 Interest rate $ — $ 250,000,000 |
Cash Flow Hedges Included Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Gas' Consolidated Balance Sheet at September 30, 2015: AOCI Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax Maximum (millions) Commodities: NGLs $ 5 $ 4 18 months Interest rate (26 ) (1 ) 351 months Total $ (21 ) $ 3 |
Fair Value of Derivatives | The following tables present the fair values of Dominion Gas' commodity and interest rate derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value - Fair Value - Total (millions) At September 30, 2015 ASSETS Current Assets Commodity $ 6 $ 1 $ 7 Total current derivative assets (1) 6 1 7 Noncurrent Assets Commodity 2 — 2 Total noncurrent derivative assets (2) 2 — 2 Total derivative assets $ 8 $ 1 $ 9 LIABILITIES Current Liabilities Commodity $ — $ 1 $ 1 Total current derivative liabilities (3) — 1 1 Noncurrent Liabilities Interest rate 17 — 17 Total noncurrent derivative liabilities (4) 17 — 17 Total derivative liabilities $ 17 $ 1 $ 18 At December 31, 2014 ASSETS Current Assets Commodity $ 2 $ — $ 2 Total current derivative assets (1) 2 — 2 Total derivative assets $ 2 $ — $ 2 LIABILITIES Noncurrent Liabilities Interest rate $ 9 $ — $ 9 Total noncurrent derivative liabilities (4) 9 — 9 Total derivative liabilities $ 9 $ — $ 9 (1) Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas’ Consolidated Balance Sheets. (3) Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. (4) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. |
Gains and Losses on Derivatives in Cash Flow Hedging Relationships | The following table presents the gains and losses on Dominion Gas' derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of (1) Amount of (millions) Three Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 3 Total commodity $ 11 $ 3 Interest rate (2) (7 ) — Total $ 4 $ 3 Three Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ (1 ) Purchased gas (5 ) Total commodity $ 3 $ (6 ) Interest rate (2) (14 ) — Total $ (11 ) $ (6 ) Nine Months Ended September 30, 2015 Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 4 Total commodity $ 10 $ 4 Interest rate (2) (8 ) — Total $ 2 $ 4 Nine Months Ended September 30, 2014 Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ (8 ) Purchased gas (10 ) Total commodity $ 1 $ (18 ) Interest rate (2) (56 ) — Total $ (55 ) $ (18 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. (2) Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. |
Schedule of Derivatives not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments 2015 2014 2015 2014 (millions) Derivative Type and Location of Gains (Losses) Commodity Operating revenue $ 1 $ — $ 5 $ — Total $ 1 $ — $ 5 $ — |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Gain (Loss) on Investments [Line Items] | |
Available-For-Sale Securities | Dominion’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains (1) Total Unrealized Losses (1) Fair Value (millions) At September 30, 2015 Marketable equity securities: U.S. large cap $ 1,260 $ 1,106 $ — $ 2,366 REIT 59 — — 59 Marketable debt securities: Corporate bonds 454 15 (6 ) 463 U.S. Treasury securities and agency debentures 602 13 (3 ) 612 State and municipal 338 20 (1 ) 357 Other 95 — — 95 Cost method investments 72 — — 72 Cash equivalents and other (2) 9 — — 9 Total $ 2,889 $ 1,154 $ (10 ) (3) $ 4,033 At December 31, 2014 Marketable equity securities: U.S. large cap $ 1,273 $ 1,353 $ — $ 2,626 Marketable debt securities: Corporate bonds 424 19 (2 ) 441 U.S. Treasury securities and agency debentures 597 13 (4 ) 606 State and municipal 332 23 — 355 Other 66 — — 66 Cost method investments 86 — — 86 Cash equivalents and other (2) 16 — — 16 Total $ 2,794 $ 1,408 $ (6 ) (3) $ 4,196 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $5 million and $3 million at September 30, 2015 and December 31, 2014, respectively. (3) The fair value of securities in an unrealized loss position was $411 million and $379 million at September 30, 2015 and December 31, 2014, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2015 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 209 Due after one year through five years 402 Due after five years through ten years 422 Due after ten years 494 Total $ 1,527 |
Marketable Securities | Presented below is selected information regarding Dominion’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Proceeds from sales $ 357 $ 838 $ 937 $ 1,524 Realized gains (1) 65 57 165 120 Realized losses (1) 40 7 69 20 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Schedule of other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds | Dominion recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Total other-than-temporary impairment losses (1) $ 29 $ 6 $ 55 $ 21 Losses recorded to nuclear decommissioning trust regulatory liability (10 ) (1 ) (21 ) (5 ) Losses recognized in other comprehensive income (before taxes) (3 ) (1 ) (7 ) (3 ) Net impairment losses recognized in earnings $ 16 $ 4 $ 27 $ 13 (1) Amounts include other-than-temporary impairment losses for debt securities of $3 million and $1 million for the three months ended September 31, 2015 and 2014, respectively, and $7 million and $3 million for the nine months ended September 31, 2015 and 2014, respectively. |
Virginia Electric and Power Company | |
Gain (Loss) on Investments [Line Items] | |
Available-For-Sale Securities | Virginia Power’s decommissioning trust funds are summarized below: Amortized Total Unrealized (1) Total Unrealized (1) Fair Value (millions) At September 30, 2015 Marketable equity securities: U.S. large cap $ 558 $ 478 $ — $ 1,036 REIT 59 — — 59 Marketable debt securities: Corporate bonds 249 7 (4 ) 252 U.S. Treasury securities and agency debentures 224 2 (1 ) 225 State and municipal 187 11 — 198 Other 30 — — 30 Cost method investments 72 — — 72 Cash equivalents and other (2) 3 — — 3 Total $ 1,382 $ 498 $ (5 ) (3) $ 1,875 At December 31, 2014 Marketable equity securities: U.S. large cap $ 563 $ 594 $ — $ 1,157 Marketable debt securities: Corporate bonds 242 9 (1 ) 250 U.S. Treasury securities and agency debentures 197 3 (2 ) 198 State and municipal 197 13 — 210 Other 23 — — 23 Cost method investments 86 — — 86 Cash equivalents and other (2) 6 — — 6 Total $ 1,314 $ 619 $ (3 ) (3) $ 1,930 (1) Included in AOCI and the nuclear decommissioning trust regulatory liability. (2) Includes pending sales of securities of $3 million at September 30, 2015 and $6 million at December 31, 2014. (3) The fair value of securities in an unrealized loss position was $209 million and $170 million at September 30, 2015 and December 31, 2014, respectively. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s marketable debt securities held in nuclear decommissioning trust funds at September 30, 2015 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 63 Due after one year through five years 181 Due after five years through ten years 236 Due after ten years 225 Total $ 705 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s marketable equity and debt securities held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Proceeds from sales $ 198 $ 116 $ 407 $ 415 Realized gains (1) 45 22 82 51 Realized losses (1) 18 2 33 8 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Regulatory Assets and Liabili38
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule Of Regulatory Assets And Liabilities | Regulatory assets and liabilities include the following: September 30, 2015 December 31, 2014 (millions) Dominion Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 107 $ 79 Deferred rate adjustment clause costs (2) 119 124 Deferred nuclear refueling outage costs (3) 59 44 Unrecovered gas costs (4) 12 36 Other 59 64 Regulatory assets-current (5) 356 347 Unrecognized pension and other postretirement benefit costs (6) 1,000 1,050 Deferred rate adjustment clause costs (2) 227 250 Income taxes recoverable through future rates (7) 121 133 Derivatives (8) 125 101 Other 120 108 Regulatory assets-non-current 1,593 1,642 Total regulatory assets $ 1,949 $ 1,989 Regulatory liabilities: PIPP (9) $ 52 $ 71 Other 63 99 Regulatory liabilities-current (10) 115 170 Provision for future cost of removal and AROs (11) 1,136 1,072 Nuclear decommissioning trust (12) 745 815 Deferred cost of fuel used in electric generation (1) 73 6 Other 219 98 Regulatory liabilities-non-current 2,173 1,991 Total regulatory liabilities $ 2,288 $ 2,161 Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 107 $ 79 Deferred nuclear refueling outage costs (3) 59 44 Deferred rate adjustment clause costs (2) 106 117 Other 56 58 Regulatory assets-current 328 298 Deferred rate adjustment clause costs (2) 148 179 Income taxes recoverable through future rates (7) 93 100 Derivatives (8) 125 101 Other 56 59 Regulatory assets-non-current 422 439 Total regulatory assets $ 750 $ 737 Regulatory liabilities: Other $ 44 $ 90 Regulatory liabilities-current (10) 44 90 Provision for future cost of removal (11) 886 852 Nuclear decommissioning trust (12) 745 815 Deferred cost of fuel used in electric generation (1) 73 6 Other 118 10 Regulatory liabilities-non-current 1,822 1,683 Total regulatory liabilities $ 1,866 $ 1,773 Dominion Gas Regulatory assets: Deferred rate adjustment clause costs (2) $ 13 $ 7 Unrecovered gas costs (4) 10 29 Other 1 2 Regulatory assets-current (5) 24 38 Unrecognized pension and other postretirement benefit costs (6) 231 242 Deferred rate adjustment clause costs (2) 78 71 Income taxes recoverable through future rates (7) 19 24 Other 59 42 Regulatory assets-non-current (13) 387 379 Total regulatory assets $ 411 $ 417 Regulatory liabilities: PIPP (9) $ 52 $ 71 Other 10 4 Regulatory liabilities-current (10) 62 75 Provision for future cost of removal and AROs (11) 171 172 Other 36 20 Regulatory liabilities-non-current (14) 207 192 Total regulatory liabilities $ 269 $ 267 (1) Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. See Note 12 for more information. (2) Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. (3) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (4) Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. (5) Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. (6) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's and Dominion Gas' rate-regulated subsidiaries. (7) Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. (8) For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or passed on to customers based on the ultimate settlement amount of the derivative. (9) Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. (10) Current regulatory liabilities are presented in other current liabilities in the Companies' Consolidated Balance Sheets. (11) Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. (13) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. (14) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The changes to AROs for Dominion and Virginia Power during 2014 and 2015 are presented below. There were no significant changes to Dominion Gas' AROs. Amount (millions) Dominion AROs at December 31, 2013 (1) $ 1,578 Obligations incurred during the period 40 Obligations settled during the period (82 ) Revisions in estimated cash flows (2) 102 Accretion 81 Other (5 ) AROs at December 31, 2014 (1) $ 1,714 Obligations incurred during the period (3) 307 Obligations settled during the period (72 ) Revisions in estimated cash flows (3) 35 Accretion 69 Other (1 ) AROs at September 30, 2015 (1) $ 2,052 Virginia Power AROs at December 31, 2013 $ 689 Obligations incurred during the period 28 Obligations settled during the period (1 ) Revisions in estimated cash flows (2) 108 Accretion 37 Other (6 ) AROs at December 31, 2014 (4) $ 855 Obligations incurred during the period (3) 288 Obligations settled during the period (22 ) Revisions in estimated cash flows (3) 32 Accretion 36 AROs at September 30, 2015 (4) $ 1,189 (1) Includes $94 million , $81 million and $228 million reported in other current liabilities at December 31, 2013, December 31, 2014 and September 30, 2015, respectively. (2) Relates primarily to a shift of the delayed planned date on which the DOE is expected to begin accepting spent nuclear fuel. (3) Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 16 for further information. (4) Includes $7 million and $159 million reported in other current liabilities at December 31, 2014 and September 30, 2015, respectively. |
Significant Financing Transac40
Significant Financing Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2015, Dominion’s commercial paper and letters of credit outstanding, as well as its capacity available under credit facilities, were as follows: Facility Outstanding Outstanding Facility (millions) Joint revolving credit facility (1) $ 4,000 $ 2,555 $ — $ 1,445 Joint revolving credit facility (1) 500 — 57 443 Total $ 4,500 $ 2,555 $ 57 $ 1,888 (1) These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2015, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Dominion Gas, were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 4,000 $ 1,362 $ — Joint revolving credit facility (1) 500 — — Total $ 4,500 $ 1,362 $ — (1) The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion and Dominion Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2015, the sub-limit for Virginia Power was an aggregate $1.75 billion . If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Dominion Gas Holdings, LLC | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2015, Dominion Gas' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Virginia Power were as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,000 $ 382 $ — Joint revolving credit facility (1) 500 — — Total $ 1,500 $ 382 $ — (1) A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion and Virginia Power. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2015, the sub-limit for Dominion Gas was an aggregate $500 million . If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Subsidiary Guarantees | At September 30, 2015, Dominion had issued the following subsidiary guarantees: Stated Limit Value (1) (millions) Subsidiary debt (2) $ 27 $ 27 Commodity transactions (3) 2,682 1,075 Nuclear obligations (4) 197 75 Cove Point (5) 1,910 — Solar (6) 1,401 848 Other (7) 514 31 Total $ 6,731 $ 2,056 (1) Represents the estimated portion of the guarantee's stated limit that is utilized as of September 30, 2015 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. (2) Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. (3) Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. (4) Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. (5) Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million . (6) Includes guarantees to facilitate the development of solar projects including guarantees that do not have stated limits. Also includes guarantees entered into by DEI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. (7) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of September 30, 2015, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $55 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million . The value provided includes certain guarantees that do not have stated limits. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Virginia Electric and Power Company | |
Related Party Transaction [Line Items] | |
Transactions With Affiliates | Presented below are Virginia Power's significant transactions with DRS and other affiliates: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Commodity purchases from affiliates $ 123 $ 120 $ 469 $ 435 Services provided by affiliates (1) 96 106 313 320 Services provided to affiliates 5 5 15 16 (1) Includes capitalized expenditures. |
Dominion Gas Holdings, LLC | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | Dominion Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Gas provides transportation and storage services to affiliates. Dominion Gas also enters into certain other contracts with affiliates, which are presented separately from contracts involving commodities or services. As of September 30, 2015 and December 31, 2014, all of Dominion Gas' commodity derivatives were with affiliates. See Notes 7 and 9 for more information. See Note 10 for information regarding sales of assets to an affiliate. Dominion Gas participates in certain Dominion benefit plans as described in Note 19. DRS and other affiliates provide accounting, legal, finance and certain administrative and technical services to Dominion Gas. Dominion Gas provides certain services to related parties, including technical services. The costs of these services follow: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (millions) Purchases of natural gas and transportation and storage services from affiliates $ 3 $ 6 $ 7 $ 14 Sales of natural gas and transportation and storage services to affiliates 17 19 52 65 Services provided by related parties (1) 30 27 99 78 Services provided to related parties (2) 30 16 75 38 (1) Includes capitalized expenditures. (2) Amounts primarily attributable to Atlantic Coast Pipeline. The following table presents affiliated and related party activity reflected in Dominion Gas' Consolidated Balance Sheets: September 30, 2015 December 31, 2014 (millions) Other receivables (1) $ 9 $ 17 Customer receivables from related parties 4 5 Imbalances receivable from affiliates (2) 1 3 Affiliated notes receivable (3) 13 9 (1) Represents amounts due from Atlantic Coast Pipeline, a related party VIE. (2) Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. (3) Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The components of Dominion's provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 (millions) Three Months Ended September 30, Service cost $ 32 $ 29 $ 10 $ 7 Interest cost 71 73 17 17 Expected return on plan assets (132 ) (126 ) (29 ) (28 ) Amortization of prior service credit — — (7 ) (7 ) Amortization of net actuarial loss 40 28 1 1 Settlements and curtailments — 1 — — Net periodic benefit cost (credit) $ 11 $ 5 $ (8 ) $ (10 ) Nine Months Ended September 30, Service cost $ 95 $ 86 $ 30 $ 23 Interest cost 215 218 50 50 Expected return on plan assets (398 ) (376 ) (88 ) (83 ) Amortization of prior service cost (credit) 1 2 (20 ) (21 ) Amortization of net actuarial loss 120 84 4 2 Settlements and curtailments — 1 — — Net periodic benefit cost (credit) $ 33 $ 15 $ (24 ) $ (29 ) |
Dominion Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost | The components of Dominion Gas' provision for net periodic benefit credit for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2015 2014 2015 2014 (millions) Three Months Ended September 30, Service cost $ 4 $ 3 $ 2 $ 1 Interest cost 7 7 3 4 Expected return on plan assets (31 ) (29 ) (6 ) (6 ) Amortization of prior service cost — 1 — — Amortization of net actuarial loss 5 5 1 — Net periodic benefit credit $ (15 ) $ (13 ) $ — $ (1 ) Nine Months Ended September 30, Service cost $ 11 $ 9 $ 5 $ 4 Interest cost 21 21 10 10 Expected return on plan assets (94 ) (86 ) (18 ) (17 ) Amortization of prior service cost (credit) — 1 — (1 ) Amortization of net actuarial loss 15 14 2 — Net periodic benefit credit $ (47 ) $ (41 ) $ (1 ) $ (4 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure Other Information | A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Virginia Power Dominion Gas DVP Regulated electric distribution X X Regulated electric transmission X X Dominion Generation Regulated electric fleet X X Merchant electric fleet X Nonregulated retail energy marketing X Dominion Energy Gas transmission and storage (1) X X Gas distribution and storage X X Gas gathering and processing X X LNG import and storage X (1) Includes remaining producer services activities for Dominion. |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion’s operations: DVP Dominion Dominion Corporate Adjustments/Eliminations Consolidated (millions) Three Months Ended September 30, 2015 Total revenue from external customers $ 539 $ 1,920 $ 335 $ — $ 177 $ 2,971 Intersegment revenue 4 12 195 128 (339 ) — Total operating revenue 543 1,932 530 128 (162 ) 2,971 Net income (loss) attributable to Dominion 125 391 152 (75 ) — 593 Three Months Ended September 30, 2014 Total revenue from external customers $ 480 $ 1,985 $ 380 $ 4 $ 201 $ 3,050 Intersegment revenue 4 11 223 140 (378 ) — Total operating revenue 484 1,996 603 144 (177 ) 3,050 Net income (loss) attributable to Dominion 119 326 144 (60 ) — 529 Nine Months Ended September 30, 2015 Total revenue from external customers $ 1,603 $ 5,742 $ 1,107 $ (9 ) $ 684 $ 9,127 Intersegment revenue 14 50 718 414 (1,196 ) — Total operating revenue 1,617 5,792 1,825 405 (512 ) 9,127 Net income (loss) attributable to Dominion 382 923 488 (251 ) — 1,542 Nine Months Ended September 30, 2014 Total revenue from external customers $ 1,425 $ 5,936 $ 1,171 $ 10 $ 951 $ 9,493 Intersegment revenue 13 48 964 422 (1,447 ) — Total operating revenue 1,438 5,984 2,135 432 (496 ) 9,493 Net income (loss) attributable to Dominion 366 794 482 (575 ) — 1,067 |
Virginia Electric and Power Company | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Virginia Power’s operations: DVP Dominion Corporate Consolidated (millions) Three Months Ended September 30, 2015 Operating revenue $ 541 $ 1,523 $ (6 ) $ 2,058 Net income (loss) 125 273 (13 ) 385 Three Months Ended September 30, 2014 Operating revenue $ 483 $ 1,570 $ — $ 2,053 Net income (loss) 120 248 (54 ) 314 Nine Months Ended September 30, 2015 Operating revenue $ 1,610 $ 4,419 $ (21 ) $ 6,008 Net income (loss) 382 618 (100 ) 900 Nine Months Ended September 30, 2014 Operating revenue $ 1,433 $ 4,332 $ — $ 5,765 Net income (loss) 371 570 (234 ) 707 |
Dominion Gas Holdings, LLC | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Gas' operations: Dominion Energy Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2015 Operating revenue $ 365 $ — $ 365 Net income (loss) 113 (2 ) 111 Three Months Ended September 30, 2014 Operating revenue $ 391 $ — $ 391 Net income (loss) 108 (1 ) 107 Nine Months Ended September 30, 2015 Operating revenue $ 1,291 $ — $ 1,291 Net income (loss) 364 (7 ) 357 Nine Months Ended September 30, 2014 Operating revenue $ 1,388 $ — $ 1,388 Net income (loss) 370 (6 ) 364 |
Significant Accounting Polici45
Significant Accounting Policies (Narrative) (Details) | Sep. 30, 2015 |
Four Brothers and Three Cedars | |
Subsidiary, Sale of Stock [Line Items] | |
Percentage ownership in total units | 50.00% |
Dominion Midstream Partners, LP | |
Subsidiary, Sale of Stock [Line Items] | |
Percentage ownership in total units | 63.10% |
Acquisitions and Dispositions46
Acquisitions and Dispositions (Schedule of Acquisitions of Solar Projects) (Details) $ in Millions | 1 Months Ended | |||||||
Jul. 31, 2015USD ($)ProjectMW | Jun. 30, 2015USD ($)ProjectMW | Apr. 30, 2015USD ($)ProjectMW | Dec. 31, 2014USD ($)ProjectMW | Nov. 30, 2014USD ($)ProjectMW | Mar. 31, 2014USD ($)ProjectMW | |||
Business Acquisition [Line Items] | ||||||||
Project Cost (millions) | $ 66 | |||||||
Recurrent Energy Development Holdings, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Projects | Project | 6 | |||||||
Initial Acquisition Cost (millions) | [1] | $ 50 | ||||||
Project Cost (millions) | [2] | $ 428 | ||||||
MW Capacity | MW | 139 | |||||||
CSI Project Holdco, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Projects | Project | 1 | |||||||
Initial Acquisition Cost (millions) | [1] | $ 79 | ||||||
Project Cost (millions) | [2] | $ 79 | ||||||
MW Capacity | MW | 20 | |||||||
EDF Renewable Development, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Projects | Project | 1 | 3 | 1 | |||||
Initial Acquisition Cost (millions) | [1] | $ 68 | $ 106 | [3] | $ 71 | |||
Project Cost (millions) | [2] | $ 68 | $ 109 | $ 71 | ||||
MW Capacity | MW | 18 | 24 | 20 | |||||
EC&R NA Solar PV, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Projects | Project | 1 | |||||||
Initial Acquisition Cost (millions) | [1] | $ 66 | ||||||
Project Cost (millions) | [2] | $ 66 | ||||||
MW Capacity | MW | 20 | |||||||
SunPeak Solar, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of Projects | Project | 1 | |||||||
Initial Acquisition Cost (millions) | [1] | $ 42 | ||||||
Project Cost (millions) | [2] | $ 69 | ||||||
MW Capacity | MW | 20 | |||||||
[1] | The purchase price was primarily allocated to Property, Plant and Equipment. | |||||||
[2] | Includes acquisition cost. | |||||||
[3] | Marin Carport is expected to begin commercial operations in 2016. |
Acquisitions and Dispositions47
Acquisitions and Dispositions (Narrative) (Details) $ / shares in Units, $ in Millions | Sep. 30, 2015USD ($)aField | Apr. 01, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)aFieldProjectmiMWshares | Jun. 30, 2015USD ($)ProjectMW | Mar. 31, 2015USD ($)aField | Jan. 31, 2015USD ($)mi | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($)aField | Mar. 31, 2016USD ($)ProjectMW | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Expected cost of projects | $ 66 | |||||||||||
Goodwill | $ 3,294 | $ 3,294 | $ 3,044 | [1] | ||||||||
Electric Retail Energy Marketing Business | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from sale | $ 187 | |||||||||||
Gain on sale | 100 | |||||||||||
After tax gain on sale | 57 | |||||||||||
Write off of goodwill | $ 31 | |||||||||||
Iroquois | Partnership Interest | NG | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of common units issued | shares | 6,800,000 | |||||||||||
Percentage of equity interests in DCGT contributed in Dominion Midstream | 20.40% | |||||||||||
Iroquois | Partnership Interest | NJNR | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Number of common units issued | shares | 1,800,000 | |||||||||||
Percentage of equity interests in DCGT contributed in Dominion Midstream | 5.53% | |||||||||||
Scenario, Forecast | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||
Acquisition price | $ 65 | |||||||||||
Expected generation capacity of facilities (mw) | MW | 20 | |||||||||||
Scenario, Forecast | Merchant Solar Projects | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Expected generation capacity of facilities (mw) | MW | 425 | |||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | |||||||||||
Sales price of equity interest to noncontrolling interest owners | $ 300 | |||||||||||
Total number of solar projects related to potential sale | Project | 24 | |||||||||||
Four Brothers and Three Cedars | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage ownership in total units | 50.00% | 50.00% | ||||||||||
Four Brothers | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 50.00% | |||||||||||
Acquisition price | $ 64 | |||||||||||
Expected cost of projects | $ 730 | |||||||||||
Expected generation capacity of facilities (mw) | MW | 320 | |||||||||||
Acquisition price in cash | $ 2 | |||||||||||
Number of solar development projects | Project | 4 | |||||||||||
Net property, plant and equipment acquired | $ 89 | |||||||||||
Non-controlling interest | 25 | |||||||||||
Acquired equity | 64 | |||||||||||
Four Brothers | Four Brothers | Obligation to Contribute Capital to Fund Construction of Projects | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Amount obligated to contribute to fund construction of projects | 445 | |||||||||||
Contributions to fund projects | $ 38 | $ 38 | ||||||||||
Four Brothers | Federal | Investment Tax Credits | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of expected federal investment tax credits on projects to be claimed | 99.00% | 99.00% | ||||||||||
Four Brothers | Other Current Liabilities | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Liabilities incurred | $ 56 | $ 62 | ||||||||||
Three Cedars | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 50.00% | 50.00% | ||||||||||
Acquisition price | $ 43 | |||||||||||
Expected cost of projects | $ 425 | $ 425 | ||||||||||
Expected generation capacity of facilities (mw) | MW | 210 | |||||||||||
Acquisition price in cash | $ 6 | |||||||||||
Number of solar development projects | Project | 3 | |||||||||||
Net property, plant and equipment acquired | 65 | $ 65 | ||||||||||
Non-controlling interest | 22 | 22 | ||||||||||
Acquired equity | 43 | 43 | ||||||||||
Three Cedars | Three Cedars | Obligation to Contribute Capital to Fund Construction of Projects | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Amount obligated to contribute to fund construction of projects | $ 276 | 276 | ||||||||||
Three Cedars | Other Current Liabilities | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Liabilities incurred | $ 37 | |||||||||||
Acquisition of DCGT | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||
Acquisition price | $ 497 | |||||||||||
Net property, plant and equipment acquired | $ 277 | |||||||||||
Length of natural gas pipeline | mi | 1,500 | |||||||||||
Goodwill | $ 250 | |||||||||||
Goodwill expected to be deductible for income tax purposes | 225 | |||||||||||
Regulatory liabilities assumed | $ 38 | |||||||||||
Dominion Midstream Partners, LP | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage ownership in total units | 63.10% | 63.10% | ||||||||||
Dominion Midstream Partners, LP | Iroquois | Partnership Interest | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership% | 25.93% | 25.93% | ||||||||||
Length of natural gas pipeline | mi | 416 | |||||||||||
Number of common units issued | shares | 8,600,000 | |||||||||||
Value of common units issued | $ 216 | |||||||||||
Dominion Midstream Partners, LP | Acquisition of DCGT | Three Cedars | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Acquisition price | $ 501 | |||||||||||
Percentage of equity interests in DCGT contributed in Dominion Midstream | 100.00% | |||||||||||
Dominion Midstream Partners, LP | Acquisition of DCGT | Three Cedars | Partnership Interest | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Consideration received, common units of Dominion Midstream | shares | 5,112,139 | |||||||||||
Consideration received, value of common units of Dominion Midstream | $ 200 | |||||||||||
Number of trading days used to determine weighted average trading price | 10 days | |||||||||||
Price per unit | $ / shares | $ 39.12 | |||||||||||
Dominion Midstream Partners, LP | Acquisition of DCGT | Three Cedars | Senior unsecured promissory note payable | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Liabilities incurred | $ 301 | |||||||||||
Term of senior unsecured promissory note payable | 2 years | |||||||||||
Annual interest rate for senior unsecured promissory note payable | 0.60% | |||||||||||
Dominion Gas Holdings, LLC | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Goodwill | $ 542 | 542 | 542 | [2] | ||||||||
Dominion Gas Holdings, LLC | Marcellus Shale | Shale development rights | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Acres of rights conveyed | a | 11,000 | 79,000 | ||||||||||
Number of natural gas storage fields | Field | 1 | 1 | ||||||||||
Amount per agreement | $ 27 | $ 200 | ||||||||||
Duration of conveyance of rights | 9 years | |||||||||||
Cash proceeds from sale of assets | 98 | |||||||||||
Deferred revenue | $ 85 | |||||||||||
Gain on sale of assets | 27 | |||||||||||
After tax gain on sale of assets | $ 16 | |||||||||||
Dominion Gas Holdings, LLC | Marcellus Shale | Shale development rights | Amended Agreement to Extend Conveyance of Development Rights | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Acres of rights conveyed | a | 9,000 | |||||||||||
Duration of conveyance of rights | 2 years | |||||||||||
Deferred revenue | $ 38 | $ 38 | ||||||||||
Deferred revenue recognized from conveyance of rights | $ 43 | |||||||||||
Deferred revenue recognized from conveyance of rights, after tax | $ 27 | |||||||||||
Dominion Gas Holdings, LLC | Utica and Point Pleasant Shale | Shale development rights | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Acres of rights conveyed | a | 16,000 | 16,000 | ||||||||||
Number of natural gas storage fields | Field | 1 | 1 | ||||||||||
Amount per agreement | $ 52 | $ 52 | ||||||||||
Cash proceeds from sale of assets | 52 | |||||||||||
Gain on sale of assets | 52 | |||||||||||
After tax gain on sale of assets | $ 29 | |||||||||||
Dominion Gas Holdings, LLC | Iroquois | Partnership Interest | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Ownership% | 24.72% | 24.72% | ||||||||||
Virginia Electric and Power Company | Morgans Corner Solar Energy, LLC | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Percentage of equity interests acquired | 100.00% | 100.00% | ||||||||||
Acquisition price | $ 47 | |||||||||||
Expected cost of projects | $ 50 | $ 50 | ||||||||||
Expected generation capacity of facilities (mw) | MW | 20 | |||||||||||
Virginia Electric and Power Company | Morgans Corner Solar Energy, LLC | Supply Agreement with US Navy | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Duration of supply agreement with Navy | 10 years | |||||||||||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||||||||||
[2] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Electric sales: | |||||
Regulated | $ 2,020 | $ 2,026 | $ 5,911 | $ 5,674 | |
Nonregulated | 388 | 353 | 1,145 | 1,527 | |
Gas sales: | |||||
Regulated | 21 | 25 | 168 | 242 | |
Nonregulated | 66 | 187 | 361 | 532 | |
Gas transportation and storage | 365 | 343 | 1,221 | 1,138 | |
Other | 111 | 116 | 321 | 380 | |
Total operating revenue | 2,971 | 3,050 | 9,127 | 9,493 | |
Virginia Electric and Power Company | |||||
Electric sales: | |||||
Regulated | 2,020 | 2,026 | 5,911 | 5,674 | |
Gas sales: | |||||
Other | 38 | 27 | 97 | 91 | |
Total operating revenue | [1] | 2,058 | 2,053 | 6,008 | 5,765 |
Dominion Gas Holdings, LLC | |||||
Gas sales: | |||||
Regulated | 9 | 15 | 87 | 152 | |
Nonregulated | 1 | 3 | 5 | 16 | |
Gas transportation and storage | 302 | 296 | 1,035 | 996 | |
NGL revenue | 20 | 54 | 71 | 155 | |
Other | 33 | 23 | 93 | 69 | |
Total operating revenue | [2] | $ 365 | $ 391 | $ 1,291 | $ 1,388 |
[1] | See Note 18 for amounts attributable to affiliates. | ||||
[2] | See Note 18 for amounts attributable to related parties. |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Rate as Compared to the Income Tax Expense Recorded in Our Consolidated Statements of Income) (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 4.00% | 2.70% |
Investment tax credits | (3.50%) | (6.00%) |
Production tax credits | (0.80%) | (1.10%) |
Other, net | (0.90%) | 0.10% |
Effective tax rate | 33.80% | 30.70% |
Virginia Electric and Power Company | ||
Operating Loss Carryforwards [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 4.20% | 3.90% |
Investment tax credits | (0.00%) | (0.00%) |
Production tax credits | (0.50%) | (0.60%) |
Other, net | (0.20%) | 0.80% |
Effective tax rate | 38.50% | 39.10% |
Dominion Gas Holdings, LLC | ||
Operating Loss Carryforwards [Line Items] | ||
U.S. statutory rate | 35.00% | 35.00% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 4.10% | 3.70% |
Investment tax credits | (0.00%) | (0.00%) |
Production tax credits | (0.00%) | (0.00%) |
Other, net | 0.40% | 0.10% |
Effective tax rate | 39.50% | 38.80% |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Earnings Per Share [Abstract] | |||||
Net income attributable to Dominion | $ 593 | $ 529 | $ 1,542 | $ 1,067 | |
Average shares of common stock outstanding – Basic (shares) | 594.6 | 583.1 | 591.3 | 582.2 | |
Net effect of potentially dilutive securities (shares) | [1] | 0.9 | 1.5 | 1.4 | 1.6 |
Average shares of common stock outstanding – Diluted (shares) | 595.5 | 584.6 | 592.7 | 583.8 | |
Earnings Per Common Share – Basic (in dollars per share) | $ 1 | $ 0.91 | $ 2.61 | $ 1.83 | |
Earnings Per Common Share – Diluted (in dollars per share) | $ 1 | $ 0.90 | $ 2.60 | $ 1.83 | |
[1] | Dilutive securities consist primarily of the 2013 Equity Units for 2015 and contingently convertible senior notes and the 2013 Equity Units for 2014. See Note 15 in this report and Note 17 to the Consolidated Financial Statements in the Companies' Annual Report on Form 10-K for the year ended December 31, 2014 for more information. |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | $ (386) | $ (317) | $ (416) | [1] | $ (324) | ||
Other comprehensive income before reclassifications: gains (losses) | (74) | (56) | (36) | (192) | |||
Amounts reclassified from AOCI: (gains) losses | [2] | (41) | (44) | (49) | 99 | ||
Total other comprehensive loss | (115) | (100) | (85) | (93) | |||
Ending balance | (501) | (417) | (501) | (417) | |||
Dominion Gas Holdings, LLC | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (86) | (75) | (86) | [3],[4] | (58) | ||
Other comprehensive income before reclassifications: gains (losses) | 3 | (7) | 2 | (33) | |||
Amounts reclassified from AOCI: (gains) losses | [2] | (1) | 5 | 0 | 14 | ||
Total other comprehensive loss | 2 | (2) | 2 | (19) | |||
Ending balance | (84) | [4] | (77) | (84) | [4] | (77) | |
Deferred gains and losses on derivatives-hedging activities | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (146) | (353) | (178) | (288) | |||
Other comprehensive income before reclassifications: gains (losses) | (7) | (58) | 25 | (267) | |||
Amounts reclassified from AOCI: (gains) losses | [2] | (53) | (31) | (53) | 113 | ||
Total other comprehensive loss | (60) | (89) | (28) | (154) | |||
Ending balance | (206) | (442) | (206) | (442) | |||
Deferred gains and losses on derivatives-hedging activities | Dominion Gas Holdings, LLC | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (22) | (16) | (20) | 3 | |||
Other comprehensive income before reclassifications: gains (losses) | 3 | (7) | 2 | (33) | |||
Amounts reclassified from AOCI: (gains) losses | [2] | (2) | 4 | (3) | 11 | ||
Total other comprehensive loss | 1 | (3) | (1) | (22) | |||
Ending balance | (21) | (19) | (21) | (19) | |||
Unrealized gains and losses on investment securities | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | 519 | 534 | 548 | 474 | |||
Other comprehensive income before reclassifications: gains (losses) | (59) | 2 | (55) | 80 | |||
Amounts reclassified from AOCI: (gains) losses | [2] | (2) | (21) | (35) | (39) | ||
Total other comprehensive loss | (61) | (19) | (90) | 41 | |||
Ending balance | 458 | 515 | 458 | 515 | |||
Unrecognized pension and other postretirement benefit costs | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (754) | (493) | (782) | (510) | |||
Other comprehensive income before reclassifications: gains (losses) | (9) | 0 | (6) | 0 | |||
Amounts reclassified from AOCI: (gains) losses | [2] | 14 | 8 | 39 | 25 | ||
Total other comprehensive loss | 5 | 8 | 33 | 25 | |||
Ending balance | (749) | (485) | (749) | (485) | |||
Unrecognized pension and other postretirement benefit costs | Dominion Gas Holdings, LLC | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (64) | (59) | (66) | (61) | |||
Other comprehensive income before reclassifications: gains (losses) | 0 | 0 | 0 | 0 | |||
Amounts reclassified from AOCI: (gains) losses | [2] | 1 | 1 | 3 | 3 | ||
Total other comprehensive loss | 1 | 1 | 3 | 3 | |||
Ending balance | (63) | (58) | (63) | (58) | |||
Other comprehensive income (loss) from equity method investee | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||
Beginning balance | (5) | (5) | (4) | 0 | |||
Other comprehensive income before reclassifications: gains (losses) | 1 | 0 | 0 | (5) | |||
Amounts reclassified from AOCI: (gains) losses | [2] | 0 | 0 | 0 | 0 | ||
Total other comprehensive loss | 1 | 0 | 0 | (5) | |||
Ending balance | $ (4) | $ (5) | $ (4) | $ (5) | |||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | ||||||
[2] | See table below for details about these reclassifications. | ||||||
[3] | Dominion Gas’ Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | ||||||
[4] | See Note 18 for amounts attributable to related parties. |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating Revenue | $ 2,971 | $ 3,050 | $ 9,127 | $ 9,493 | |
Purchased gas | 85 | 209 | 446 | 1,073 | |
Electric fuel and other energy-related purchases | 636 | 743 | 2,180 | 2,710 | |
Interest and related charges | 230 | 231 | 674 | 695 | |
Other income | 11 | 69 | 127 | 166 | |
Impairment | 16 | 4 | 27 | 13 | |
Income from operations including noncontrolling interests before income tax expense | 904 | 759 | 2,351 | 1,554 | |
Income tax expense | (305) | (228) | (794) | (477) | |
Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating Revenue | [1] | 365 | 391 | 1,291 | 1,388 |
Purchased gas | [1] | 8 | 34 | 103 | 247 |
Interest and related charges | 18 | 7 | 53 | 19 | |
Other income | 4 | 5 | 17 | 18 | |
Income from operations including noncontrolling interests before income tax expense | 188 | 175 | 590 | 595 | |
Income tax expense | (77) | (68) | (233) | (231) | |
Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations including noncontrolling interests before income tax expense | (83) | (53) | (87) | 185 | |
Income tax expense | 30 | 22 | 34 | (72) | |
Income from continuing operations including noncontrolling interests | (53) | (31) | (53) | 113 | |
Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations including noncontrolling interests before income tax expense | (3) | 6 | (4) | 18 | |
Income tax expense | 1 | (2) | 1 | (7) | |
Income from continuing operations including noncontrolling interests | (2) | 4 | (3) | 11 | |
Unrealized gains and losses on investment securities | Amounts reclassified from AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | (18) | (38) | (82) | (71) | |
Impairment | 16 | 4 | 27 | 8 | |
Income from operations including noncontrolling interests before income tax expense | (2) | (34) | (55) | (63) | |
Income tax expense | 0 | 13 | 20 | 24 | |
Income from continuing operations including noncontrolling interests | (2) | (21) | (35) | (39) | |
Unrecognized pension and other postretirement benefit costs | Amounts reclassified from AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Prior service (credit) costs | (3) | (4) | (9) | (9) | |
Actuarial (gains) losses | 24 | 18 | 73 | 52 | |
Income from operations including noncontrolling interests before income tax expense | 21 | 14 | 64 | 43 | |
Income tax expense | (7) | (6) | (25) | (18) | |
Income from continuing operations including noncontrolling interests | 14 | 8 | 39 | 25 | |
Unrecognized pension and other postretirement benefit costs | Amounts reclassified from AOCI | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Actuarial (gains) losses | 2 | 2 | 6 | 5 | |
Income from operations including noncontrolling interests before income tax expense | 2 | 2 | 6 | 5 | |
Income tax expense | (1) | (1) | (3) | (2) | |
Income from continuing operations including noncontrolling interests | 1 | 1 | 3 | 3 | |
Commodity contracts | Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating Revenue | (87) | (66) | (103) | 175 | |
Purchased gas | 2 | 3 | 9 | 7 | |
Electric fuel and other energy-related purchases | 5 | (8) | |||
Commodity contracts | Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | Dominion Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating Revenue | (3) | 1 | (4) | 8 | |
Purchased gas | 5 | 10 | |||
Interest rate contracts | Deferred gains and losses on derivatives-hedging activities | Amounts reclassified from AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | $ 2 | $ 5 | $ 7 | $ 11 | |
[1] | See Note 18 for amounts attributable to related parties. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 | $ 0 | $ 0 |
Dominion Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015USD ($)$ / MWh$ / MMBTU$ / gal | Dec. 31, 2014USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 406 | $ 719 | |
Fair Value of Derivative Liabilities | 346 | 794 | |
Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 137 | ||
Fair Value of Derivative Liabilities | 14 | ||
Level 3 | Natural Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [1] | 99 | |
Fair Value of Derivative Liabilities | [1] | 10 | |
Level 3 | Natural Gas | Physical and Financial Options: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 6 | ||
Fair Value of Derivative Liabilities | 2 | ||
Level 3 | Liquids | Physical and Financial Forwards and Futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [2] | 5 | |
Level 3 | Electric | Physical and Financial Forwards and Futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 4 | ||
Level 3 | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 23 | ||
Fair Value of Derivative Liabilities | $ 2 | ||
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3] | (2) | |
Credit spread (percentage) | [4] | 1.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3] | 4 | |
Credit spread (percentage) | [4] | 6.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3],[5] | (1) | |
Credit spread (percentage) | [4],[5] | 3.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3] | 2 | |
Price Volatility (percentage) | [6] | 23.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3] | 6 | |
Price Volatility (percentage) | [6] | 75.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Options: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3],[5] | 4 | |
Price Volatility (percentage) | [5],[6] | 44.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Liquids | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / gal | [3] | 0 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Liquids | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / gal | [3] | 2 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Liquids | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / gal | [3],[5] | 1 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Electric | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3] | 26 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Electric | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3] | 47 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Electric | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3],[5] | 45 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | FTRs | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3] | (3) | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | FTRs | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3] | 12 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | FTRs | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3],[5] | 2 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Natural Gas | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3] | (2) | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Natural Gas | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3] | 4 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Natural Gas | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3],[5] | 1 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Natural Gas | Physical and Financial Options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3] | 2 | |
Price Volatility (percentage) | [6] | 23.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Natural Gas | Physical and Financial Options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3] | 4 | |
Price Volatility (percentage) | [6] | 50.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Natural Gas | Physical and Financial Options: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [3],[5] | 3 | |
Price Volatility (percentage) | [5],[6] | 34.00% | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | FTRs | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3] | (12) | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | FTRs | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3] | 12 | |
Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | FTRs | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [3],[5] | 1 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 150 | 113 | |
Fair Value of Derivative Liabilities | 73 | 87 | |
Virginia Electric and Power Company | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 122 | ||
Fair Value of Derivative Liabilities | 2 | ||
Virginia Electric and Power Company | Level 3 | Natural Gas | Physical and Financial Forwards and Futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [7] | 93 | |
Virginia Electric and Power Company | Level 3 | Natural Gas | Physical and Financial Options: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 2 | ||
Virginia Electric and Power Company | Level 3 | Electric | Physical and Financial Forwards and Futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 4 | ||
Virginia Electric and Power Company | Level 3 | FTRs | Physical and Financial Forwards and Futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 23 | ||
Fair Value of Derivative Liabilities | $ 2 | ||
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [8] | (2) | |
Credit spread (percentage) | [9] | 1.00% | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [8] | 3 | |
Credit spread (percentage) | [9] | 6.00% | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [8],[10] | (1) | |
Credit spread (percentage) | [9],[10] | 3.00% | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Options: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [8] | 2 | |
Price Volatility (percentage) | [11] | 50.00% | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Options: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [8] | 6 | |
Price Volatility (percentage) | [11] | 75.00% | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Natural Gas | Physical and Financial Options: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MMBTU | [8],[10] | 5 | |
Price Volatility (percentage) | [10],[11] | 66.00% | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Electric | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8] | 44 | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Electric | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8] | 47 | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | Electric | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8],[10] | 45 | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | FTRs | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8] | (3) | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | FTRs | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8] | 12 | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | FTRs | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8],[10] | 2 | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Natural Gas | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8] | (12) | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | Natural Gas | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8] | 12 | |
Virginia Electric and Power Company | Level 3 | Fair Value, Option, Quantitative Disclosures, Liabilities | FTRs | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / MWh | [8],[10] | 1 | |
Dominion Gas Holdings, LLC | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 9 | 2 | |
Fair Value of Derivative Liabilities | 18 | $ 9 | |
Dominion Gas Holdings, LLC | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 4 | ||
Dominion Gas Holdings, LLC | Level 3 | NGLs | Physical and Financial Forwards and Futures: | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 4 | ||
Dominion Gas Holdings, LLC | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | NGLs | Physical and Financial Forwards and Futures: | Minimum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / gal | [12] | 0 | |
Dominion Gas Holdings, LLC | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | NGLs | Physical and Financial Forwards and Futures: | Maximum | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / gal | [12] | 2 | |
Dominion Gas Holdings, LLC | Level 3 | Fair Value, Option, Quantitative Disclosures, Assets | NGLs | Physical and Financial Forwards and Futures: | Wieghted Average | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price (per unit) | $ / gal | [13] | 1 | |
[1] | Includes basis. | ||
[2] | Includes NGLs and oil. | ||
[3] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[4] | Represents credit spreads unrepresented in published markets. | ||
[5] | Averages weighted by volume. | ||
[6] | Represents volatilities unrepresented in published markets. | ||
[7] | Includes basis. | ||
[8] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[9] | Represents credit spreads unrepresented in published markets. | ||
[10] | Averages weighted by volume. | ||
[11] | Represents volatilities unrepresented in published markets. | ||
[12] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[13] | Averages weighted by volume. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 406 | $ 719 | |
Derivative Liabilities | 346 | 794 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 137 | ||
Derivative Liabilities | 14 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 4,458 | 4,938 |
Total liabilities | 346 | 794 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 375 | 695 | |
Derivative Liabilities | 132 | 592 | |
Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 31 | 24 | |
Derivative Liabilities | 214 | 202 | |
Fair Value, Measurements, Recurring | Equity securities: | Large cap | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 2,401 | 2,669 |
Fair Value, Measurements, Recurring | Equity securities: | Large cap | Non-U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 10 | 12 |
Fair Value, Measurements, Recurring | Equity securities: | Other | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 5 | 6 |
Fair Value, Measurements, Recurring | Equity securities: | REIT | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 59 | |
Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 463 | 441 |
Fair Value, Measurements, Recurring | Fixed income: | U.S. Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 615 | 609 |
Fair Value, Measurements, Recurring | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 395 | 395 |
Fair Value, Measurements, Recurring | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 97 | 74 |
Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 7 | 13 |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 2,913 | 3,112 |
Total liabilities | 1 | 3 | |
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 1 | 3 | |
Derivative Liabilities | 1 | 3 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 2,401 | 2,669 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | Non-U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 10 | 12 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Other | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 5 | 6 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | REIT | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 59 | |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | U.S. Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 431 | 419 |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 6 | 3 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 1,408 | 1,701 |
Total liabilities | 331 | 773 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 237 | 567 | |
Derivative Liabilities | 117 | 571 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 31 | 24 | |
Derivative Liabilities | 214 | 202 | |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | Non-U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Other | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | REIT | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 463 | 441 |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | U.S. Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 184 | 190 |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 395 | 395 |
Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 97 | 74 |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 1 | 10 |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [1] | 137 | 125 |
Total liabilities | 14 | 18 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 137 | 125 | |
Derivative Liabilities | 14 | 18 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | Non-U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Other | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | REIT | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | U.S. Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 150 | 113 | |
Derivative Liabilities | 73 | 87 | |
Virginia Electric and Power Company | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 122 | ||
Derivative Liabilities | 2 | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 1,952 | 1,952 |
Total liabilities | 73 | 87 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 142 | 113 | |
Derivative Liabilities | 6 | 15 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 67 | 72 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | Large cap | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,037 | 1,157 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Equity securities: | REIT | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 59 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 252 | 250 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | U.S. Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 225 | 198 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 199 | 211 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 30 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 23 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 1,260 | 1,294 |
Total liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | Large cap | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,037 | 1,157 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Equity securities: | REIT | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 59 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | U.S. Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 164 | 137 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 570 | 552 |
Total liabilities | 71 | 83 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 20 | 7 | |
Derivative Liabilities | 4 | 11 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 67 | 72 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | Large cap | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Equity securities: | REIT | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 252 | 250 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | U.S. Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 61 | 61 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 199 | 211 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 30 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 23 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | [2] | 122 | 106 |
Total liabilities | 2 | 4 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 122 | 106 | |
Derivative Liabilities | 2 | 4 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | Large cap | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | $ 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Equity securities: | REIT | U.S.: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | ||
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | $ 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | U.S. Treasury securities and agency debentures | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | State and municipal | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Fixed income: | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | |
Virginia Electric and Power Company | Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | |
Dominion Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 9 | 2 | |
Derivative Liabilities | 18 | 9 | |
Dominion Gas Holdings, LLC | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 4 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 9 | 2 | |
Total liabilities | 18 | 9 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 9 | 2 | |
Derivative Liabilities | 1 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 17 | 9 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 0 | 0 | |
Total liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 5 | 0 | |
Total liabilities | 18 | 9 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 5 | 0 | |
Derivative Liabilities | 1 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 17 | 9 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4 | 2 | |
Total liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 4 | 2 | |
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | $ 0 | $ 0 | |
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. | ||
[2] | Includes investments held in the nuclear decommissioning and rabbi trusts. |
Fair Value Measurements (Net Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Total realized and unrealized gains (losses): | ||||||
Included in earnings | $ (9,000,000) | $ (2,000,000) | $ 1,000,000 | $ 98,000,000 | ||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | ||
Level 3 | Commodity Transactions | Fair Value, Measurements, Recurring | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 71,000,000 | 3,000,000 | 107,000,000 | (16,000,000) | ||
Total realized and unrealized gains (losses): | ||||||
Included in earnings | (9,000,000) | (2,000,000) | 1,000,000 | 98,000,000 | ||
Included in other comprehensive income (loss) | 5,000,000 | 4,000,000 | (7,000,000) | 7,000,000 | ||
Included in regulatory assets/liabilities | 47,000,000 | 39,000,000 | 18,000,000 | 53,000,000 | ||
Settlements | 10,000,000 | 5,000,000 | 1,000,000 | (94,000,000) | ||
Transfers out of Level 3 | [1] | (1,000,000) | (2,000,000) | 3,000,000 | (1,000,000) | |
Ending balance | 123,000,000 | 47,000,000 | 123,000,000 | 47,000,000 | ||
The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | ||
Level 3 | NGLs | Fair Value, Measurements, Recurring | ||||||
Total realized and unrealized gains (losses): | ||||||
Transfers out of Level 3 | 0 | 9,000,000 | ||||
Level 3 | Virginia Electric and Power Company | Commodity Transactions | Fair Value, Measurements, Recurring | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | 73,000,000 | 7,000,000 | 102,000,000 | (7,000,000) | ||
Total realized and unrealized gains (losses): | ||||||
Included in earnings | (10,000,000) | (2,000,000) | (1,000,000) | 109,000,000 | ||
Included in regulatory assets/liabilities | 47,000,000 | 39,000,000 | 18,000,000 | 53,000,000 | ||
Settlements | 10,000,000 | 2,000,000 | 1,000,000 | (109,000,000) | ||
Ending balance | 120,000,000 | 46,000,000 | 120,000,000 | 46,000,000 | ||
Level 3 | Dominion Gas Holdings, LLC | Commodity Transactions | Fair Value, Measurements, Recurring | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | (1,000,000) | (3,000,000) | 2,000,000 | (6,000,000) | ||
Total realized and unrealized gains (losses): | ||||||
Included in earnings | 0 | (1,000,000) | 1,000,000 | (8,000,000) | ||
Included in other comprehensive income (loss) | 5,000,000 | 5,000,000 | (7,000,000) | 8,000,000 | ||
Settlements | 0 | 0 | (1,000,000) | 7,000,000 | ||
Transfers out of Level 3 | [2] | 0 | 0 | 9,000,000 | 0 | |
Ending balance | 4,000,000 | $ 1,000,000 | 4,000,000 | $ 1,000,000 | ||
Level 3 | Dominion Gas Holdings, LLC | NGLs | Fair Value, Measurements, Recurring | ||||||
Total realized and unrealized gains (losses): | ||||||
Transfers out of Level 3 | $ 0 | $ 9,000,000 | [1] | |||
[1] | In March 2015, Dominion changed the classification of certain short term NGL derivatives from Level 3 to Level 2 due to an increase in liquidity in financial forward markets. The transfers out of Level 3 that relate to NGLs for the three and nine months ended September 30, 2015 are $--- million and $9 million, respectively. | |||||
[2] | In March 2015, Dominion Gas changed the classification of certain short term NGL derivatives from Level 3 to Level 2 due to an increase in liquidity in financial forward markets. The transfers out of Level 3 that relate to NGLs for the three and nine months ended September 30, 2015 are $--- million and $9 million, respectively. |
Fair Value Measurements (Gains
Fair Value Measurements (Gains and Losses Included in Earnings in the Level 3 Fair Value Category) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) included in earnings | $ (9) | $ (2) | $ 1 | $ 98 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 1 | 1 | 1 | 2 |
Operating revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) included in earnings | 0 | 3 | 2 | (7) |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 0 | 3 | 1 | 4 |
Purchased Gas | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) included in earnings | 0 | (3) | 0 | (4) |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | 0 | (2) | 0 | (2) |
Electric fuel and other energy-related purchases | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains (losses) included in earnings | (9) | (2) | (1) | 109 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date | $ 1 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Junior subordinated notes | $ 1,370 | $ 1,374 | [1] | |
Valuation of certain fair value hedges | 19 | 19 | ||
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Long-term Debt | [2],[3] | 21,318 | 19,723 | |
Junior subordinated notes | [3] | 1,370 | 1,374 | |
Remarketable subordinated notes | [3] | 2,085 | 2,083 | |
Estimate of Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Long-term Debt | [2],[3],[4] | 22,923 | 21,881 | |
Junior subordinated notes | [3],[4] | 1,290 | 1,396 | |
Remarketable subordinated notes | [3],[4] | 2,214 | 2,362 | |
Virginia Electric and Power Company | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Long-term Debt | [3] | 9,629 | 8,937 | |
Virginia Electric and Power Company | Estimate of Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Long-term Debt | [3],[4] | 10,764 | 10,293 | |
Dominion Gas Holdings, LLC | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Long-term Debt | [3] | 2,595 | 2,594 | |
Dominion Gas Holdings, LLC | Estimate of Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Long-term Debt | [3],[4] | $ 2,618 | $ 2,672 | |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[2] | At both September 30, 2015 and December 31, 2014, includes the valuation of certain fair value hedges associated with fixed rate debt of approximately $19 million | |||
[3] | Carrying amount includes amounts which represent the unamortized discount and/or premium. | |||
[4] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. |
Derivatives and Hedge Account59
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | $ 396 | $ 704 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 396 | 704 |
Total derivatives, not subject to a master netting or similar arrangement | 10 | 15 |
Gross Amounts of Recognized Assets, Total | 406 | 719 |
Derivative Asset | 406 | 719 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 119 | 348 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 23 | 34 |
Net Amounts | 254 | 322 |
Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 31 | 24 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 31 | 24 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 29 | 16 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 2 | 8 |
Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 270 | 382 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 270 | 382 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 16 | 34 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 23 | 34 |
Net Amounts | 231 | 314 |
Commodity | Exchange | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 95 | 298 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 95 | 298 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 74 | 298 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 21 | 0 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 128 | 106 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 128 | 106 |
Total derivatives, not subject to a master netting or similar arrangement | 22 | 7 |
Gross Amounts of Recognized Assets, Total | 150 | 113 |
Derivative Asset | 150 | 113 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 119 | 102 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 8 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 8 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 1 | 0 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 120 | 106 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 120 | 106 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 118 | 102 |
Dominion Gas Holdings, LLC | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 9 | 2 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 9 | 2 |
Derivative Asset | 9 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | 8 | 2 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Assets [Line Items] | ||
Gross Amounts of Recognized Assets | 9 | 2 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 9 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 |
Net Amounts | $ 8 | $ 2 |
Derivatives and Hedge Account60
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 337 | $ 782 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 337 | 782 |
Total derivatives, not subject to a master netting or similar arrangement | 9 | 12 |
Gross Amounts of Recognized Liabilities, Total | 346 | 794 |
Derivative Liabilities | 346 | 794 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 119 | 348 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 10 | 196 |
Net Amounts | 208 | 238 |
Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 214 | 202 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 214 | 202 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 29 | 16 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 185 | 186 |
Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 39 | 87 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 39 | 87 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 16 | 34 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 1 |
Net Amounts | 23 | 52 |
Commodity | Exchange | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 84 | 493 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 84 | 493 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 74 | 298 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 10 | 195 |
Net Amounts | 0 | 0 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 69 | 80 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 69 | 80 |
Total derivatives, not subject to a master netting or similar arrangement | 4 | 7 |
Gross Amounts of Recognized Liabilities, Total | 73 | 87 |
Derivative Liabilities | 73 | 87 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 60 | 76 |
Virginia Electric and Power Company | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 67 | 72 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 67 | 72 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 60 | 72 |
Virginia Electric and Power Company | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 2 | 8 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 2 | 8 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 0 | 4 |
Dominion Gas Holdings, LLC | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 18 | 9 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 18 | 9 |
Derivative Liabilities | 18 | 9 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 17 | 9 |
Dominion Gas Holdings, LLC | Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 17 | 9 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 17 | 9 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 17 | 9 |
Dominion Gas Holdings, LLC | Commodity | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 1 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | $ 0 | $ 0 |
Derivatives and Hedge Account61
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Details) gal in Thousands, MMcf in Thousands, $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($)MWhMWgalMMcf | ||
Fixed Price - Natural Gas - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 57 | [1] |
Fixed Price - Natural Gas - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 14 | [1] |
Basis - Natural Gas - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 267 | |
Basis - Natural Gas - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 605 | |
Fixed Price - Electricity - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (MWh) | MWh | 13,869,299 | |
Fixed Price - Electricity - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (MWh) | MWh | 3,399,889 | |
Financial Transmission Rights - Electricity- Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (MWh) | MWh | 49,967,941 | |
Financial Transmission Rights - Electricity- Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (MWh) | MWh | 0 | |
Capacity - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of capacity (MW) | MW | 12,200 | |
Capacity - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of capacity (MW) | MW | 0 | |
Liquids - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | gal | 65,772 | [2] |
Liquids - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | gal | 18,774 | [2] |
Interest Rate - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | $ | $ 2,250 | |
Interest Rate - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | $ | $ 3,000 | |
Virginia Electric and Power Company | Fixed Price - Natural Gas - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 12 | [3] |
Virginia Electric and Power Company | Fixed Price - Natural Gas - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 0 | [3] |
Virginia Electric and Power Company | Basis - Natural Gas - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 130 | |
Virginia Electric and Power Company | Basis - Natural Gas - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 539 | |
Virginia Electric and Power Company | Financial Transmission Rights - Electricity- Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (MWh) | MWh | 49,069,990 | |
Virginia Electric and Power Company | Financial Transmission Rights - Electricity- Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of electricity (MWh) | MWh | 0 | |
Virginia Electric and Power Company | Capacity - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of capacity (MW) | MW | 12,200 | |
Virginia Electric and Power Company | Capacity - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of capacity (MW) | MW | 0 | |
Virginia Electric and Power Company | Interest Rate - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | $ | $ 450 | |
Virginia Electric and Power Company | Interest Rate - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | $ | $ 750 | |
Dominion Gas Holdings, LLC | Fixed Price - Natural Gas - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 3 | |
Dominion Gas Holdings, LLC | Fixed Price - Natural Gas - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 0 | |
Dominion Gas Holdings, LLC | Basis - Natural Gas - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 3 | |
Dominion Gas Holdings, LLC | Basis - Natural Gas - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | 0 | |
Dominion Gas Holdings, LLC | Liquids - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | gal | 64,302 | |
Dominion Gas Holdings, LLC | Liquids - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Volume of derivative activity (bcf, Gal) | gal | 16,758 | |
Dominion Gas Holdings, LLC | Interest Rate - Current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | $ | $ 0 | |
Dominion Gas Holdings, LLC | Interest Rate - Non-current Derivative Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate | $ | $ 250 | |
[1] | Includes options. | |
[2] | Includes NGLs and oil. | |
[3] | Includes options. |
Derivatives and Hedge Account62
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (206) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 38 |
Commodity | Gas Energy Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | (8) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (7) |
Maximum Term | 25 months |
Commodity | Electricity Energy Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 67 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ 50 |
Maximum Term | 15 months |
Commodity | Other Energy Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ 5 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ 4 |
Maximum Term | 18 months |
Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (270) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (9) |
Maximum Term | 387 months |
Dominion Gas Holdings, LLC | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (21) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | 3 |
Dominion Gas Holdings, LLC | Commodity | NGLs | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | 5 |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ 4 |
Maximum Term | 18 months |
Dominion Gas Holdings, LLC | Interest rate | |
Derivative Instruments, Gain (Loss) [Line Items] | |
AOCI After-Tax | $ (26) |
Amounts Expected to be Reclassified to Earnings during the next 12 Months After-Tax | $ (1) |
Maximum Term | 351 months |
Derivatives and Hedge Account63
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | $ 406 | $ 719 | |
Derivative Liabilities | 346 | 794 | |
Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 243 | 536 | |
Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 232 | 523 | |
Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 11 | 13 | |
Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [1] | 163 | 183 |
Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 143 | 172 | |
Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 20 | 11 | |
Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [2] | 254 | 591 |
Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 110 | 491 | |
Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 144 | 100 | |
Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [3] | 92 | 203 |
Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 22 | 101 | |
Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 70 | 102 | |
Fair Value – Derivatives under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 104 | 376 | |
Derivative Liabilities | 240 | 481 | |
Fair Value – Derivatives under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 74 | 294 | |
Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 63 | 281 | |
Fair Value – Derivatives under Hedge Accounting | Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 11 | 13 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [1] | 30 | 82 |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 10 | 71 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 20 | 11 | |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [2] | 164 | 324 |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 20 | 224 | |
Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 144 | 100 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [3] | 76 | 157 |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 6 | 55 | |
Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 70 | 102 | |
Fair Value – Derivatives not under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 302 | 343 | |
Derivative Liabilities | 106 | 313 | |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 169 | 242 | |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 169 | 242 | |
Fair Value – Derivatives not under Hedge Accounting | Current Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [1] | 133 | 101 |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 133 | 101 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [2] | 90 | 267 |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 90 | 267 | |
Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [3] | 16 | 46 |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 16 | 46 | |
Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 150 | 113 | |
Derivative Liabilities | 73 | 87 | |
Virginia Electric and Power Company | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [4] | 40 | 51 |
Virginia Electric and Power Company | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 40 | 51 | |
Virginia Electric and Power Company | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [5] | 110 | 62 |
Virginia Electric and Power Company | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 102 | 62 | |
Virginia Electric and Power Company | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 8 | ||
Virginia Electric and Power Company | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [6] | 45 | 60 |
Virginia Electric and Power Company | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 6 | 15 | |
Virginia Electric and Power Company | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 39 | 45 | |
Virginia Electric and Power Company | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [7] | 28 | 27 |
Virginia Electric and Power Company | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 28 | 27 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 8 | 0 | |
Derivative Liabilities | 67 | 75 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [4] | 0 | 0 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [5] | 8 | 0 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 8 | ||
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [6] | 39 | 48 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 0 | 3 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 39 | 45 | |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [7] | 28 | 27 |
Virginia Electric and Power Company | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 28 | 27 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 142 | 113 | |
Derivative Liabilities | 6 | 12 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [4] | 40 | 51 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 40 | 51 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [5] | 102 | 62 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 102 | 62 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 0 | ||
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [6] | 6 | 12 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 6 | 12 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [7] | 0 | 0 |
Virginia Electric and Power Company | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 0 | 0 | |
Dominion Gas Holdings, LLC | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 9 | 2 | |
Derivative Liabilities | 18 | 9 | |
Dominion Gas Holdings, LLC | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [8] | 7 | 2 |
Dominion Gas Holdings, LLC | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 7 | 2 | |
Dominion Gas Holdings, LLC | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [9] | 2 | |
Dominion Gas Holdings, LLC | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 2 | ||
Dominion Gas Holdings, LLC | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [10] | 1 | |
Dominion Gas Holdings, LLC | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 1 | ||
Dominion Gas Holdings, LLC | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [11] | 17 | 9 |
Dominion Gas Holdings, LLC | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 17 | 9 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 8 | 2 | |
Derivative Liabilities | 17 | 9 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [8] | 6 | 2 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 6 | 2 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [9] | 2 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 2 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [10] | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 0 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [11] | 17 | 9 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 17 | 9 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 1 | 0 | |
Derivative Liabilities | 1 | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [8] | 1 | 0 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 1 | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | [9] | 0 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset | 0 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [10] | 1 | |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Current Liabilities | Commodity | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | 1 | ||
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | [11] | 0 | 0 |
Dominion Gas Holdings, LLC | Fair Value – Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liabilities | $ 0 | $ 0 | |
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion’s Consolidated Balance Sheets. | ||
[2] | Current derivative liabilities are presented in other current liabilities in Dominion's Consolidated Balance Sheets. | ||
[3] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion’s Consolidated Balance Sheets. | ||
[4] | Current derivative assets are presented in other current assets in Virginia Power's Consolidated Balance Sheets. | ||
[5] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power's Consolidated Balance Sheets. | ||
[6] | Current derivative liabilities are presented in other current liabilities in Virginia Power's Consolidated Balance Sheets. | ||
[7] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | ||
[8] | Current derivative assets are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | ||
[9] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Gas’ Consolidated Balance Sheets. | ||
[10] | Current derivative liabilities are presented in other current liabilities in Dominion Gas' Consolidated Balance Sheets. | ||
[11] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Gas’ Consolidated Balance Sheets. |
Derivatives and Hedge Account64
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Details) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | $ (7) | $ (94) | $ 45 | $ (430) |
Amount of Gain (Loss) Reclassified from AOCI to Income | 83 | 53 | 87 | (185) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (69) | (7) | (24) | (39) |
Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | 64 | (74) | 117 | (291) |
Amount of Gain (Loss) Reclassified from AOCI to Income | 85 | 58 | 94 | (174) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | 3 | (1) |
Commodity | Operating revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 87 | 66 | 103 | (175) | |
Commodity | Purchased Gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from AOCI to Income | (2) | (3) | (9) | (7) | |
Commodity | Electric fuel and other energy-related purchases | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from AOCI to Income | (5) | 8 | |||
Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1],[3] | (71) | (20) | (72) | (139) |
Amount of Gain (Loss) Reclassified from AOCI to Income | [3] | (2) | (5) | (7) | (11) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | (69) | (7) | (27) | (38) |
Virginia Electric and Power Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [4] | (9) | (1) | (4) | 0 |
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | (1) | (1) | 5 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [5] | (69) | (7) | (24) | (39) |
Virginia Electric and Power Company | Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [4] | 0 | (1) | 0 | 5 |
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | (1) | (1) | 5 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [5] | 0 | 0 | 3 | (1) |
Virginia Electric and Power Company | Commodity | Electric fuel and other energy-related purchases | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 0 | (1) | (1) | 5 | |
Virginia Electric and Power Company | Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [4],[6] | (9) | 0 | (4) | (5) |
Amount of Gain (Loss) Reclassified from AOCI to Income | [6] | 0 | 0 | 0 | 0 |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [5],[6] | (69) | (7) | (27) | (38) |
Dominion Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [7] | 4 | (11) | 2 | (55) |
Amount of Gain (Loss) Reclassified from AOCI to Income | 3 | (6) | 4 | (18) | |
Dominion Gas Holdings, LLC | Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [7] | 11 | 3 | 10 | 1 |
Amount of Gain (Loss) Reclassified from AOCI to Income | 3 | (6) | 4 | (18) | |
Dominion Gas Holdings, LLC | Commodity | Operating revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from AOCI to Income | 3 | (1) | 4 | (8) | |
Dominion Gas Holdings, LLC | Commodity | Purchased Gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from AOCI to Income | (5) | (10) | |||
Dominion Gas Holdings, LLC | Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [7],[8] | (7) | (14) | (8) | (56) |
Amount of Gain (Loss) Reclassified from AOCI to Income | [8] | $ 0 | $ 0 | $ 0 | $ 0 |
[1] | Amounts deferred into AOCI have no associated effect in Dominion’s Consolidated Statements of Income. | ||||
[2] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. | ||||
[3] | Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[4] | Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[5] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[6] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[7] | Amounts deferred into AOCI have no associated effect in Dominion Gas' Consolidated Statements of Income. | ||||
[8] | Amounts recorded in Dominion Gas' Consolidated Statements of Income are classified in interest and related charges. |
Derivatives and Hedge Account65
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (6) | $ (4) | $ 12 | $ (235) |
Commodity | Operating revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 2 | 35 | 20 | (327) |
Commodity | Purchased gas | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (3) | (39) | (12) | (33) |
Commodity | Electric fuel and other energy-related purchases | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (4) | 0 | 5 | 125 |
Interest rate | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (1) | 0 | (1) | 0 |
Virginia Electric and Power Company | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [3] | (6) | (3) | 6 | 108 |
Virginia Electric and Power Company | Commodity | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [3],[4] | (6) | (3) | 6 | 108 |
Dominion Gas Holdings, LLC | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | 1 | 0 | 5 | 0 | |
Dominion Gas Holdings, LLC | Commodity | Operating revenue | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 1 | $ 0 | $ 5 | $ 0 | |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion’s Consolidated Statements of Income. | ||||
[2] | Amounts recorded in Dominion’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[3] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[4] | Amounts recorded in Virginia Power's Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||||
Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Gain (Loss) on Investments [Line Items] | ||||||
Investment in equity method affiliates | $ 1,322 | $ 1,081 | [1] | |||
Blue Racer | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Increase in equity method investment | $ 155 | |||||
Write off of goodwill | $ 6 | |||||
Blue Racer | Pipelines | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Consideration for Northern System | $ 84 | |||||
Cash proceeds from sale of assets | 84 | |||||
Blue Racer | Pipelines | Other Operations and Maintenance Expense | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Write off of goodwill | 3 | |||||
Gain on sale of assets | 59 | |||||
After tax gain on sale of assets | 34 | |||||
Dominion Midstream Partners, LP | Iroquois | Partnership Interest | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Ownership% | 25.93% | |||||
Carrying amount of investment that exceeded share of underlying equity | $ 122 | |||||
Investment in equity method affiliates | $ 216 | |||||
Dominion Gas Holdings, LLC | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Carrying amount of investment that exceeded share of underlying equity | 8 | |||||
Equity in earnings on investments | $ 17 | |||||
Dominion Gas Holdings, LLC | Iroquois | Partnership Interest | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Ownership% | 24.72% | |||||
Carrying amount of investment that exceeded share of underlying equity | $ 8 | |||||
Equity in earnings on investments | 17 | |||||
Distributions received from investment | 26 | $ 10 | ||||
Investment in equity method affiliates | 98 | 107 | ||||
Dominion Gas Holdings, LLC | Blue Racer | Pipelines | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Cash proceeds from sale of assets | 17 | |||||
Extinguishment of affiliated current borrowings | 67 | |||||
Dominion Gas Holdings, LLC | Blue Racer | Pipelines | Other Operations and Maintenance Expense | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
After tax gain on sale of assets | $ 35 | |||||
Categories of Investments, Marketable Securities, Trading Securities | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Assets Held-in-trust | 96 | 110 | ||||
Cost method investments | ||||||
Gain (Loss) on Investments [Line Items] | ||||||
Assets Held-in-trust | $ 4 | $ 6 | ||||
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. |
Investments (Marketable Equity
Investments (Marketable Equity and Debt Securities and Cash Equivalents (Classified as Available-for-sale) and Cost Method Investments in Decommissioning Trust Funds) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | ||
Investment Holdings [Line Items] | ||||
Amortized Cost, Total | $ 2,889 | $ 2,794 | ||
Total Unrealized Gains | [1] | 1,154 | 1,408 | |
Total Unrealized Losses | [1],[2] | (10) | (6) | |
Fair Value | 4,033 | 4,196 | [3] | |
Net assets related to pending sales and purchases of securities | 5 | 3 | ||
Fair value of securities in an unrealized loss position | 411 | 379 | ||
Cost method investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | 72 | 86 | ||
Total Unrealized Gains | [1] | 0 | 0 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 72 | 86 | ||
Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | [4] | 9 | 16 | |
Total Unrealized Gains | [1],[4] | 0 | 0 | |
Total Unrealized Losses | [1],[4] | 0 | 0 | |
Fair Value | [4] | 9 | 16 | |
Equity securities | Large cap | U.S.: | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 1,260 | 1,273 | ||
Total Unrealized Gains | [1] | 1,106 | 1,353 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 2,366 | 2,626 | ||
Equity securities | REIT | U.S.: | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 59 | |||
Total Unrealized Gains | [1] | 0 | ||
Total Unrealized Losses | [1] | 0 | ||
Fair Value | 59 | |||
Corporate bonds | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 454 | 424 | ||
Total Unrealized Gains | [1] | 15 | 19 | |
Total Unrealized Losses | [1] | (6) | (2) | |
Fair Value | 463 | 441 | ||
U.S. Treasury securities and agency debentures | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 602 | 597 | ||
Total Unrealized Gains | [1] | 13 | 13 | |
Total Unrealized Losses | [1] | (3) | (4) | |
Fair Value | 612 | 606 | ||
State and municipal | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 338 | 332 | ||
Total Unrealized Gains | [1] | 20 | 23 | |
Total Unrealized Losses | [1] | (1) | 0 | |
Fair Value | 357 | 355 | ||
Other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 95 | 66 | ||
Total Unrealized Gains | [1] | 0 | 0 | |
Total Unrealized Losses | [1] | 0 | 0 | |
Fair Value | 95 | 66 | ||
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Total | 1,382 | 1,314 | ||
Total Unrealized Gains | [5] | 498 | 619 | |
Total Unrealized Losses | [5],[6] | (5) | (3) | |
Fair Value | 1,875 | 1,930 | [7] | |
Net assets related to pending sales and purchases of securities | 3 | 6 | ||
Fair value of securities in an unrealized loss position | 209 | 170 | ||
Virginia Electric and Power Company | Cost method investments | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | 72 | 86 | ||
Total Unrealized Gains | [5] | 0 | 0 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | 72 | 86 | ||
Virginia Electric and Power Company | Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Other Investments | [8] | 3 | 6 | |
Total Unrealized Gains | [5],[8] | 0 | 0 | |
Total Unrealized Losses | [5],[8] | 0 | 0 | |
Fair Value | [8] | 3 | 6 | |
Virginia Electric and Power Company | Equity securities | Large cap | U.S.: | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 558 | 563 | ||
Total Unrealized Gains | [5] | 478 | 594 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | 1,036 | 1,157 | ||
Virginia Electric and Power Company | Equity securities | REIT | U.S.: | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 59 | |||
Total Unrealized Gains | [1] | 0 | ||
Total Unrealized Losses | [1] | 0 | ||
Fair Value | 59 | |||
Virginia Electric and Power Company | Corporate bonds | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 249 | 242 | ||
Total Unrealized Gains | [5] | 7 | 9 | |
Total Unrealized Losses | [5] | (4) | (1) | |
Fair Value | 252 | 250 | ||
Virginia Electric and Power Company | U.S. Treasury securities and agency debentures | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 224 | 197 | ||
Total Unrealized Gains | [5] | 2 | 3 | |
Total Unrealized Losses | [5] | (1) | (2) | |
Fair Value | 225 | 198 | ||
Virginia Electric and Power Company | State and municipal | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 187 | 197 | ||
Total Unrealized Gains | [5] | 11 | 13 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | 198 | 210 | ||
Virginia Electric and Power Company | Other | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Marketable Securities | 30 | 23 | ||
Total Unrealized Gains | [5] | 0 | 0 | |
Total Unrealized Losses | [5] | 0 | 0 | |
Fair Value | $ 30 | $ 23 | ||
[1] | Included in AOCI and the nuclear decommissioning trust regulatory liability. | |||
[2] | The fair value of securities in an unrealized loss position was $411 million and $379 million at September 30, 2015 and December 31, 2014, respectively. | |||
[3] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[4] | Includes pending sales of securities of $5 million and $3 million at September 30, 2015 and December 31, 2014, respectively. | |||
[5] | Included in AOCI and the nuclear decommissioning trust regulatory liability. | |||
[6] | The fair value of securities in an unrealized loss position was $209 million and $170 million at September 30, 2015 and December 31, 2014, respectively. | |||
[7] | Virginia Power’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[8] | Includes pending sales of securities of $3 million at September 30, 2015 and $6 million at December 31, 2014. |
Investments (Fair Value of our
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 209 |
Due after one year through five years | 402 |
Due after five years through ten years | 422 |
Due after ten years | 494 |
Total | 1,527 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 63 |
Due after one year through five years | 181 |
Due after five years through ten years | 236 |
Due after ten years | 225 |
Total | $ 705 |
Investments (Selected Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Available-for-sale securities: | |||||
Proceeds from sales | $ 357 | $ 838 | $ 937 | $ 1,524 | |
Realized gains | [1] | 65 | 57 | 165 | 120 |
Realized losses | [1] | 40 | 7 | 69 | 20 |
Virginia Electric and Power Company | |||||
Available-for-sale securities: | |||||
Proceeds from sales | 198 | 116 | 407 | 415 | |
Realized gains | [2] | 45 | 22 | 82 | 51 |
Realized losses | [2] | $ 18 | $ 2 | $ 33 | $ 8 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. | ||||
[2] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Investments (Investments under
Investments (Investments under Equity Method of Accounting) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment Balance | $ 1,322 | $ 1,081 | [1] |
[1] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. |
Investments (Schedule of Other
Investments (Schedule of Other than temporary Impairment Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Gain (Loss) on Investments [Line Items] | |||||
Total other-than-temporary impairment losses | [1] | $ 29 | $ 6 | $ 55 | $ 21 |
Losses recorded to nuclear decommissioning trust regulatory liability | (10) | (1) | (21) | (5) | |
Losses recognized in other comprehensive income (before taxes) | (3) | (1) | (7) | (3) | |
Net impairment losses recognized in earnings | 16 | 4 | 27 | 13 | |
Debt Securities | |||||
Gain (Loss) on Investments [Line Items] | |||||
Total other-than-temporary impairment losses | $ 3 | $ 1 | $ 7 | $ 3 | |
[1] | Amounts include other-than-temporary impairment losses for debt securities of $3 million and $1 million for the three months ended September 31, 2015 and 2014, respectively, and $7 million and $3 million for the nine months ended September 31, 2015 and 2014, respectively. |
Regulatory Assets and Liabili72
Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | |||
Regulatory Assets and Liablities [Line Items] | ||||
Deferred Fuel Cost, Non-current Liability | [1] | $ 73 | $ 6 | |
Deferred cost of fuel used in electric generation | [1] | 107 | 79 | |
Deferred rate adjustment clause costs | [2] | 119 | 124 | |
Deferred nuclear refueling outage costs | [3] | 59 | 44 | |
Unrecovered gas costs | [4] | 12 | 36 | |
Other | 59 | 64 | ||
Regulatory assets current | [5] | 356 | 347 | |
Unrecognized pension and other postretirement benefit costs | [6] | 1,000 | 1,050 | |
Deferred rate adjustment clause costs | [2] | 227 | 250 | |
Income taxes recoverable through future rates | [7] | 121 | 133 | |
Derivatives | [8] | 125 | 101 | |
Other | 120 | 108 | ||
Regulatory assets-non-current | 1,593 | 1,642 | [9] | |
Total regulatory assets | 1,949 | 1,989 | ||
PIPP | [10] | 52 | 71 | |
Other | 63 | 99 | ||
Regulatory liabilities current | [11] | 115 | 170 | |
Provision for future cost of removal and AROs | [12] | 1,136 | 1,072 | |
Nuclear decommissioning trust | [13] | 745 | 815 | |
Other | 219 | 98 | ||
Regulatory liabilities-non-current | 2,173 | 1,991 | [9] | |
Total regulatory liabilities | $ 2,288 | 2,161 | ||
Amortization period for deferred costs | 18 months | |||
Virginia Electric and Power Company | ||||
Regulatory Assets and Liablities [Line Items] | ||||
Deferred Fuel Cost, Non-current Liability | [1] | $ 73 | 6 | |
Deferred cost of fuel used in electric generation | [1] | 107 | 79 | |
Deferred rate adjustment clause costs | [2] | 106 | 117 | |
Deferred nuclear refueling outage costs | [3] | 59 | 44 | |
Other | 56 | 58 | ||
Regulatory assets current | 328 | 298 | [14] | |
Deferred rate adjustment clause costs | [2] | 148 | 179 | |
Income taxes recoverable through future rates | [7] | 93 | 100 | |
Derivatives | [8] | 125 | 101 | |
Other | 56 | 59 | ||
Regulatory assets-non-current | 422 | 439 | [14] | |
Total regulatory assets | 750 | 737 | ||
Other | 44 | 90 | ||
Regulatory liabilities current | [11] | 44 | 90 | |
Provision for future cost of removal | [12] | 886 | 852 | |
Nuclear decommissioning trust | [13] | 745 | 815 | |
Other | 118 | 10 | ||
Regulatory liabilities-non-current | 1,822 | 1,683 | [14] | |
Total regulatory liabilities | 1,866 | 1,773 | ||
Dominion Gas Holdings, LLC | ||||
Regulatory Assets and Liablities [Line Items] | ||||
Deferred rate adjustment clause costs | [2] | 13 | 7 | |
Unrecovered gas costs | [4] | 10 | 29 | |
Other | 1 | 2 | ||
Regulatory assets current | [5] | 24 | 38 | |
Unrecognized pension and other postretirement benefit costs | [6] | 231 | 242 | |
Deferred rate adjustment clause costs | [2] | 78 | 71 | |
Income taxes recoverable through future rates | [7] | 19 | 24 | |
Other | 59 | 42 | ||
Regulatory assets-non-current | [15] | 387 | 379 | |
Total regulatory assets | 411 | 417 | ||
PIPP | [10] | 52 | 71 | |
Other | 10 | 4 | ||
Regulatory liabilities current | [11] | 62 | 75 | |
Provision for future cost of removal and AROs | [12] | 171 | 172 | |
Other | 36 | 20 | ||
Regulatory liabilities-non-current | [16] | 207 | 192 | |
Total regulatory liabilities | $ 269 | $ 267 | ||
[1] | Primarily reflects deferred fuel expenses for the Virginia jurisdiction of Virginia Power's generation operations. See Note 12 for more information. | |||
[2] | Reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects for Virginia Power. Reflects deferrals of costs associated with certain current and prospective rider projects for Dominion Gas. See Note 12 for more information. | |||
[3] | Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. | |||
[4] | Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. | |||
[5] | Current regulatory assets are presented in other current assets in Dominion's and Dominion Gas' Consolidated Balance Sheets. | |||
[6] | Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered through future rates generally over the expected remaining service period of plan participants by certain of Dominion's and Dominion Gas' rate-regulated subsidiaries. | |||
[7] | Amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity and depreciation of property, plant and equipment for which deferred income taxes were not recognized for ratemaking purposes, including amounts attributable to tax rate changes. | |||
[8] | For jurisdictions subject to cost-based rate regulation, changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities as they are expected to be recovered from or passed on to customers based on the ultimate settlement amount of the derivative. | |||
[9] | Dominion’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[10] | Under PIPP, eligible customers can make reduced payments based on their ability to pay. The difference between the customer's total bill and the PIPP plan amount is deferred and collected or returned annually under the PIPP rate adjustment clause according to East Ohio tariff provisions. | |||
[11] | Current regulatory liabilities are presented in other current liabilities in the Companies' Consolidated Balance Sheets. | |||
[12] | Rates charged to customers by the Companies' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[13] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power's utility nuclear generation stations, in excess of the related AROs. | |||
[14] | Virginia Power’s Consolidated Balance Sheet at December 31, 2014 has been derived from the audited Consolidated Financial Statements at that date. | |||
[15] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. | |||
[16] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Gas' Consolidated Balance Sheets. |
Regulatory Assets and Liabili73
Regulatory Assets and Liabilities (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 120 |
Period for which expenditures are expected to be recovered | 2 years |
Virginia Electric and Power Company | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 91 |
Dominion Gas Holdings, LLC | |
Public Utilities, General Disclosures [Line Items] | |
Regulatory assets past expenditures not earning return | $ 27 |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Details) MMBTU in Thousands | 1 Months Ended | 9 Months Ended | ||||||||||
Oct. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Aug. 31, 2015USD ($)MMBTUProgram | Jan. 31, 2015MW | Apr. 30, 2014USD ($) | May. 31, 2012USD ($) | Mar. 31, 2010USD ($) | Aug. 31, 2009kV | Apr. 30, 2008 | Apr. 30, 2007kV | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Regulatory Matters [Line Items] | ||||||||||||
Total credit to customers | $ 2,288,000,000 | $ 2,288,000,000 | $ 2,161,000,000 | |||||||||
Virginia Electric and Power Company | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
ROE (percentage) | 11.40% | |||||||||||
Costs claimed to be unjust and excluded from transmission formula rate | $ 223,000,000 | |||||||||||
Potential settlement required annual payment for 10 Years | $ 250,000 | |||||||||||
Period for annual settlement payment | 10 years | |||||||||||
Facility operating capacity (kV) | kV | 500 | 500 | ||||||||||
Total credit to customers | $ 1,866,000,000 | $ 1,866,000,000 | $ 1,773,000,000 | |||||||||
Virginia Electric and Power Company | Virginia Regulation | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Earned ROE percentage if Virginia Commission accepted all proposed adjustments | 11.34% | |||||||||||
Earned return percentage | 10.13% | |||||||||||
Projected fuel expenses | $ 1,600,000,000 | |||||||||||
Fuel revenue decrease | 512,000,000 | |||||||||||
Capacity of solar facility (mw) | MW | 20 | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Projected revenue requirement | $ 50,000,000 | |||||||||||
New energy efficiency programs | Program | 2 | |||||||||||
Duration of cost cap | 5 years | |||||||||||
Amount of cost cap | $ 51,000,000 | |||||||||||
Extension period of cost cap | 5 years | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider BW | Subsequent Event | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Projected revenue requirement | $ 156,000,000 | |||||||||||
Revenue requirement increase (decrease) | 45,000,000 | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Minimum | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
ROE (percentage) | 9.30% | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Maximum | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
ROE (percentage) | 10.70% | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Total credit to customers | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Total credit to customers | $ 65,000,000 | $ 65,000,000 | ||||||||||
Virginia Electric and Power Company | North Carolina Regulation | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Amount of cost cap | $ 17,000,000 | |||||||||||
Revenue requirement increase (decrease) | $ (11,000,000) | |||||||||||
Percentage of deferred fuel balance deferred | 50.00% | |||||||||||
DTI | FERC Gas Regulation | Clarington Project | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Expected cost | $ 80,000,000 | |||||||||||
Expected capacity of firm transportation service | MMBTU | 250 | |||||||||||
Cove Point | FERC Gas Regulation | Subsequent Event | St Charles Transportation Project | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Expected cost | 30,000,000 | |||||||||||
Cove Point | FERC Gas Regulation | Subsequent Event | Keys Energy Project | ||||||||||||
Regulatory Matters [Line Items] | ||||||||||||
Expected cost | $ 40,000,000 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
AROs at beginning of period | [1] | $ 1,714 | $ 1,578 | |||
Obligations incurred during the period | 307 | [2] | 40 | |||
Obligations settled during the period | (72) | (82) | ||||
Revisions in estimated cash flows | 35 | [2] | 102 | [3] | ||
Accretion | 69 | 81 | ||||
Other | (1) | (5) | ||||
AROs at end of period | [1] | 2,052 | 1,714 | |||
Aggregate fair value of trusts dedicated to funding decommissioning of nuclear plants | 4,000 | 4,200 | ||||
Other Current Liabilities | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
AROs reported in other current liabilities | 228 | 81 | $ 94 | |||
Virginia Electric and Power Company | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
AROs at beginning of period | 855 | [4] | 689 | |||
Obligations incurred during the period | 288 | [2] | 28 | |||
Obligations settled during the period | (22) | (1) | ||||
Revisions in estimated cash flows | 32 | [2] | 108 | [3] | ||
Accretion | 36 | 37 | ||||
Other | (6) | |||||
AROs at end of period | [4] | 1,189 | 855 | |||
Aggregate fair value of trusts dedicated to funding decommissioning of nuclear plants | 1,900 | 1,900 | ||||
Virginia Electric and Power Company | Other Current Liabilities | ||||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||||||
AROs reported in other current liabilities | $ 159 | $ 7 | ||||
[1] | Includes $94 million, $81 million and $228 million reported in other current liabilities at December 31, 2013, December 31, 2014 and September 30, 2015, respectively. | |||||
[2] | Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 16 for further information. | |||||
[3] | Relates primarily to a shift of the delayed planned date on which the DOE is expected to begin accepting spent nuclear fuel. | |||||
[4] | Includes $7 million and $159 million reported in other current liabilities at December 31, 2014 and September 30, 2015, respectively. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)MWgenerator | Sep. 30, 2014USD ($) | |
Virginia Electric and Power Company | ||||
Variable Interest Entities [Line Items] | ||||
Long term capacity contract non utility generators (generators) | generator | 5 | |||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 870 | |||
Remaining purchase commitments | $ 478 | |||
Payment for electric capacity | $ 52 | $ 55 | 160 | $ 166 |
Payment for electric energy | 17 | 28 | 77 | 115 |
Shared services purchased | 73 | 82 | $ 239 | 246 |
Virginia Electric and Power Company | Minimum | ||||
Variable Interest Entities [Line Items] | ||||
Contracts expiry date start range | 2,015 | |||
Virginia Electric and Power Company | Maximum | ||||
Variable Interest Entities [Line Items] | ||||
Contracts expiry date start range | 2,021 | |||
Dominion Gas Holdings, LLC | ||||
Variable Interest Entities [Line Items] | ||||
Shared services purchased | $ 27 | $ 27 | $ 85 | $ 78 |
Dominion Midstream Partners, LP | Iroquois | Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entities [Line Items] | ||||
Ownership percentage | 25.93% | |||
Dominion Gas Holdings, LLC | Iroquois | Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entities [Line Items] | ||||
Ownership percentage | 24.72% |
Significant Financing Transac77
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Facility Limit | $ 4,500,000,000 | ||
Outstanding Commercial Paper | 2,555,000,000 | ||
Outstanding Letters of Credit | 57,000,000 | ||
Facility Capacity Available | 1,888,000,000 | ||
Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [1] | 4,500,000,000 | |
Outstanding Commercial Paper | 1,362,000,000 | ||
Outstanding Letters of Credit | 0 | ||
Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 1,500,000,000 | |
Outstanding Commercial Paper | 382,000,000 | ||
Outstanding Letters of Credit | 0 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Credit facility | 1,750,000,000 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | $ 1,500,000,000 | ||
Credit facility | 500,000,000 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Credit facility | 2,000,000,000 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 2,000,000,000 | ||
Joint Revolving Credit Facility 4 Billion and Joint Revolving Credit Facility 500 Million | Letter of Credit | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | 1,500,000,000 | ||
Credit Facility 4 Billion | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [3] | 4,000,000,000 | |
Outstanding Commercial Paper | [3] | 2,555,000,000 | |
Outstanding Letters of Credit | [3] | 0 | |
Facility Capacity Available | [3] | 1,445,000,000 | |
Credit Facility 4 Billion | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [1] | 4,000,000,000 | |
Outstanding Commercial Paper | [1] | 1,362,000,000 | |
Outstanding Letters of Credit | [1] | 0 | |
Credit Facility 4 Billion | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 1,000,000,000 | |
Outstanding Commercial Paper | [2] | 382,000,000 | |
Outstanding Letters of Credit | [2] | 0 | |
Credit Facility 500 Million | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [3] | 500,000,000 | |
Outstanding Commercial Paper | [3] | 0 | |
Outstanding Letters of Credit | [3] | 57,000,000 | |
Facility Capacity Available | [3] | 443,000,000 | |
Credit Facility 500 Million | Virginia Electric and Power Company | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [1] | 500,000,000 | |
Outstanding Commercial Paper | [1] | 0 | |
Outstanding Letters of Credit | [1] | 0 | |
Credit Facility 500 Million | Dominion Gas Holdings, LLC | |||
Line of Credit Facility [Line Items] | |||
Facility Limit | [2] | 500,000,000 | |
Outstanding Commercial Paper | [2] | 0 | |
Outstanding Letters of Credit | [2] | $ 0 | |
[1] | The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion and Dominion Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2015, the sub-limit for Virginia Power was an aggregate $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | ||
[2] | A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion and Virginia Power. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2015, the sub-limit for Dominion Gas was an aggregate $500 million. If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit. | ||
[3] | These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Significant Financing Transac78
Significant Financing Transactions (Narrative) (Details) shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2015USD ($)bond | Dec. 31, 2014USD ($)Agreement | Jun. 30, 2015USD ($)shares | Mar. 31, 2015USD ($)shares | Sep. 30, 2015USD ($)Facilityshares | Sep. 30, 2014USD ($) | May. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||
Issuance of common stock | $ 717,000,000 | $ 138,000,000 | |||||
Shelf Registration for Sale of Common Stock through At-the-market Program | |||||||
Debt Instrument [Line Items] | |||||||
Number of sales agency agreements | Agreement | 4 | ||||||
Aggregate amount of common stock in which the company may offer under SEC shelf registration (up to $500 million) | $ 500,000,000 | ||||||
Shares issued through at-the-market issuances | shares | 1.1 | 2.9 | |||||
Issuance of common stock | $ 78,000,000 | $ 219,000,000 | |||||
Fees and commissions paid | 1,000,000 | $ 2,000,000 | |||||
Common stock reserved for issuance in connection with stock purchase contracts | $ 200,000,000 | ||||||
Registered Underwritten Public Offering | |||||||
Debt Instrument [Line Items] | |||||||
Shares issued through at-the-market issuances | shares | 2.8 | ||||||
Issuance of common stock | $ 202,000,000 | ||||||
Senior Notes | 3.10% Senior Notes Maturing in 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Amount of senior notes | $ 350,000,000 | ||||||
Interest rate percentage | 3.10% | ||||||
Senior Notes | 4.20% Senior Notes Maturing in 2045 | |||||||
Debt Instrument [Line Items] | |||||||
Amount of senior notes | $ 350,000,000 | ||||||
Interest rate percentage | 4.20% | ||||||
Senior Notes | Senior Notes Maturing in 2018 | |||||||
Debt Instrument [Line Items] | |||||||
Amount of senior notes | $ 500,000,000 | ||||||
Interest rate percentage | 1.90% | ||||||
Senior Notes | 5.25% Senior Notes Due 2033 | |||||||
Debt Instrument [Line Items] | |||||||
Amount of senior notes | $ 510,000,000 | ||||||
Interest rate percentage | 5.25% | ||||||
Redemption percentage | 100.00% | ||||||
Senior Notes | 3.90% Senior Notes Maturing in 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Amount of senior notes | $ 650,000,000 | ||||||
Interest rate percentage | 3.90% | ||||||
Bonds payable | |||||||
Debt Instrument [Line Items] | |||||||
Number of tax exempt bonds | bond | 5 | ||||||
Aggregate outstanding principal | $ 412,000,000 | ||||||
Bonds payable | Tax Exempt Bonds at a Coupon Rate of 1.75% | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 1.75% | ||||||
Number of tax exempt bonds | bond | 2 | ||||||
Duration of coupon rate for tax exempt bonds | 4 years | ||||||
Bonds payable | Tax Exempt Bonds at a Coupon Rate of 2.15% | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate percentage | 2.15% | ||||||
Number of tax exempt bonds | bond | 3 | ||||||
Duration of coupon rate for tax exempt bonds | 5 years | ||||||
Virginia Electric and Power Company | |||||||
Debt Instrument [Line Items] | |||||||
Number of joint revolving credit facilities | Facility | 2 | ||||||
Credit facility | $ 120,000,000 | ||||||
Virginia Electric and Power Company | Tax Exempt Debt | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate tax-exempt financings | $ 119,000,000 | ||||||
Dominion Gas Holdings, LLC | |||||||
Debt Instrument [Line Items] | |||||||
Number of joint revolving credit facilities | Facility | 2 |
Commitments and Contingencies79
Commitments and Contingencies (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 62 Months Ended | |||||||||
Apr. 30, 2015Facility | Dec. 31, 2014USD ($) | Oct. 31, 2014Facility | Jun. 30, 2014Unit | Jul. 31, 2013Unit | Mar. 31, 2012refueling_outage | Sep. 30, 2011Party | Jul. 31, 2011StateGroupMW | Jun. 30, 2015USD ($) | Sep. 30, 2015USD ($)Site | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($)Site | ||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Extension period for MATS compliance | 1 year | |||||||||||||
Number of coal fired generating units | Unit | 2 | |||||||||||||
Requested compliance extension under EPA Administrative Order | 1 year | |||||||||||||
Amount company has spent for emission standards compliance | $ 3,632,000,000 | $ 3,742,000,000 | ||||||||||||
Number of parties issued UAO | Party | 22 | |||||||||||||
Daily civil penalties for non compliance | $ 37,500 | |||||||||||||
Number of former manufactured gas plant sites | Site | 17 | 17 | ||||||||||||
Maximum period for consideration of CO2 emissions from biomass projects | 3 years | |||||||||||||
Obligations incurred during the period | $ 307,000,000 | [1] | $ 40,000,000 | |||||||||||
NRC Safety Enhancements | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Number of refueling outages | refueling_outage | 2 | |||||||||||||
Implementation period | 4 years | |||||||||||||
Virginia Electric and Power Company | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Number of coal fired generating units | Unit | 3 | |||||||||||||
Amount company has spent for emission standards compliance | $ 1,840,000,000 | 2,120,000,000 | ||||||||||||
Number of former manufactured gas plant sites | Site | 3 | 3 | ||||||||||||
Obligations incurred during the period | $ 288,000,000 | [1] | $ 28,000,000 | |||||||||||
Virginia Electric and Power Company | Possum Point Power Station | Other Operations and Maintenance Expense | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Charge as a result of settlement offer | $ 121,000,000 | |||||||||||||
Virginia Electric and Power Company | Facilities Subject to CCR Final Rule | Environmental Protection Agency Final Rule Regulating Management of CCRs | EPA | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Number of facilities with CCR | Facility | 8 | |||||||||||||
Obligations incurred during the period | $ 325,000,000 | |||||||||||||
Virginia Electric and Power Company | Facilities Subject to CCR Final Rule | Environmental Protection Agency Final Rule Regulating Management of CCRs | EPA | Other Operations and Maintenance Expense | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Charge as a result of settlement offer | 45,000,000 | |||||||||||||
Virginia Electric and Power Company | Facilities Subject to CCR Final Rule | Environmental Protection Agency Final Rule Regulating Management of CCRs | ARO's | EPA | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Increase in property plant and equipment associated with asset retirement costs | 159,000,000 | |||||||||||||
Virginia Electric and Power Company | Facilities Subject to CCR Final Rule | Noncurrent Liabilities | Environmental Protection Agency Final Rule Regulating Management of CCRs | EPA | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Reduction in other current liabilities | $ 121,000,000 | |||||||||||||
Dominion Gas Holdings, LLC | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Amount company has spent for emission standards compliance | $ 514,000,000 | $ 467,000,000 | ||||||||||||
Number of former manufactured gas plant sites | Site | 12 | 12 | ||||||||||||
CAA | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Number of states under EPA replacement rule | State | 28 | |||||||||||||
Emissions of fossil fuel fired electric generating units (MW) | MW | 25 | |||||||||||||
Number of groups of affected states | Group | 2 | |||||||||||||
CAA | Dominion Gas Holdings, LLC | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Amount company has spent for emission standards compliance | $ 2,000,000 | |||||||||||||
CWA | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Number of facilities that may be subject to final regulations | Facility | 14 | |||||||||||||
CWA | Virginia Electric and Power Company | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Number of facilities that may be subject to final regulations | Facility | 11 | |||||||||||||
Remediation program | Virginia Electric and Power Company | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Preliminary costs for options under evaluation for site, minimum | $ 1,000,000 | 1,000,000 | ||||||||||||
Preliminary costs for options under evaluation for site, maximum | 22,000,000 | 22,000,000 | ||||||||||||
Breach of Contract Lawsuit | DTI | Pending Litigation | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Accrued liability for legal matter | $ 6,000,000 | $ 6,000,000 | ||||||||||||
[1] | Primarily reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 16 for further information. |
Commitments and Contingencies80
Commitments and Contingencies (Subsidiary Guarantees) (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($)guaranteeSubsidiary | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | $ 6,731,000,000 | |
Value | $ 2,056,000,000 | [1] |
Number of DEI subsidiaries | Subsidiary | 2 | |
Purchased surety bonds | $ 91,000,000 | |
Authorized issuance of standby letters of credit | 57,000,000 | |
Minimum | ||
Commitments and Contingencies [Line Items] | ||
Annual future contributions | 4,000,000 | |
Maximum | ||
Commitments and Contingencies [Line Items] | ||
Annual future contributions | 19,000,000 | |
Third Party and Equity Method Investee | ||
Commitments and Contingencies [Line Items] | ||
Amount of civil penalty | 74,000,000 | |
Stated Limit | 39,000,000 | |
Cove Point | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | $ 150,000,000 | |
Number of guarantees with no stated limit | guarantee | 2 | |
Number of guarantees | guarantee | 1 | |
Aggregate limit | $ 1,750,000,000 | |
Annual draw limit | 175,000,000 | |
Subsidiary Debt | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 27,000,000 | [2] |
Value | 27,000,000 | [1],[2] |
Commodity Transactions | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 2,682,000,000 | [3] |
Value | 1,075,000,000 | [1],[3] |
Nuclear Obligations | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 197,000,000 | [4] |
Value | 75,000,000 | [1],[4] |
Nuclear Obligations | Millstone | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 150,000,000 | |
Nuclear Obligations | Kewaunee | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 60,000,000 | |
Cove Point | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 1,910,000,000 | [5] |
Value | 0 | [1],[5] |
Solar | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 1,401,000,000 | [6] |
Value | 848,000,000 | [1],[6] |
Other | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 514,000,000 | [7] |
Value | 31,000,000 | [1],[7] |
Through 2019 | Third Party and Equity Method Investee | ||
Commitments and Contingencies [Line Items] | ||
Stated Limit | 55,000,000 | |
Virginia Electric and Power Company | ||
Commitments and Contingencies [Line Items] | ||
Purchased surety bonds | 31,000,000 | |
Dominion Gas Holdings, LLC | ||
Commitments and Contingencies [Line Items] | ||
Purchased surety bonds | $ 23,000,000 | |
[1] | Represents the estimated portion of the guarantee's stated limit that is utilized as of September 30, 2015 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount. | |
[2] | Guarantee of debt of a DEI subsidiary. In the event of default by the subsidiary, Dominion would be obligated to repay such amounts. | |
[3] | Guarantees related to commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power, Dominion Gas and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits. | |
[4] | Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone (in the event of a prolonged outage) and Kewaunee, respectively, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning. | |
[5] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Two of the guarantees have no stated limit, one guarantee has a $150 million limit, and one guarantee has a $1.75 billion aggregate limit with an annual draw limit of $175 million. | |
[6] | Includes guarantees to facilitate the development of solar projects including guarantees that do not have stated limits. Also includes guarantees entered into by DEI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | |
[7] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower. As of September 30, 2015, Dominion's maximum remaining cumulative exposure under these equity funding agreements is $55 million through 2019 and its maximum annual future contributions could range from approximately $4 million to $19 million. The value provided includes certain guarantees that do not have stated limits. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015USD ($)customerCounterparty | Sep. 30, 2015USD ($)Counterparty | Dec. 31, 2014USD ($) | |
Concentration Risk and Guarantor Obligations [Line Items] | |||
Gross credit exposure | $ 195 | ||
Number of counterparties | Counterparty | 0 | 0 | |
Additional collateral to be posted if the credit related contingent features were triggered | $ 14 | $ 14 | $ 20 |
Collateral posted | 1 | ||
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | $ 32 | $ 32 | $ 49 |
Investment Grade | Investment grade counterparties | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 64.00% | ||
Investment Grade | Counterparty, A | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Amount of exposure for single counterparty | $ 35 | ||
DTI | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 95.00% | ||
Number of customers | customer | 244 | ||
DTI | Ten Largest Customers | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 45.00% | ||
Number of customers | customer | 10 | ||
DTI | Thirty Largest Customers | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 72.00% | ||
Number of customers | customer | 30 | ||
DTI | Long Term Transmission Capacity Contracts [Member] | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 98.00% | ||
Term of contract | 2 years | ||
DTI | Annual Capacity Contracts | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 2.00% | ||
DTI | Unsubscribed Firm Transportation Capacity | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 1.00% | ||
DTI | Long Term Storage Capacity Contracts | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 99.00% | ||
DTI | Unsubscribed Storage Capacity | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 1.00% | ||
East Ohio | Customer Concentration Risk | Storage and Transportation Revenue | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 99.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | ||||||
Derivative Asset | $ 406,000,000 | $ 406,000,000 | $ 719,000,000 | |||
Derivative Liabilities | 346,000,000 | 346,000,000 | 794,000,000 | |||
Other deferred credits and other liabilities | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due to Dominion | 292,000,000 | 292,000,000 | 219,000,000 | |||
Other deferred charges and other assets | ||||||
Related Party Transaction [Line Items] | ||||||
Amounts due from Dominion | 66,000,000 | 66,000,000 | 37,000,000 | |||
Virginia Electric and Power Company | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative Asset | 150,000,000 | 150,000,000 | 113,000,000 | |||
Derivative Liabilities | 73,000,000 | 73,000,000 | 87,000,000 | |||
Commodity purchases from affiliates | 123,000,000 | $ 120,000,000 | 469,000,000 | $ 435,000,000 | ||
Services provided to affiliates | [1] | 96,000,000 | 106,000,000 | 313,000,000 | 320,000,000 | |
Sales of natural gas and transportation and storage services to affiliates | 5,000,000 | 5,000,000 | 15,000,000 | 16,000,000 | ||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | 0 | 0 | 0 | |||
Virginia Electric and Power Company | Affiliate | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative Asset | 22,000,000 | 22,000,000 | ||||
Derivative Liabilities | 4,000,000 | 4,000,000 | ||||
Virginia Electric and Power Company | Principal Owner | ||||||
Related Party Transaction [Line Items] | ||||||
Short term demand note | 0 | 0 | 427,000,000 | |||
Dominion Gas Holdings, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Derivative Asset | 9,000,000 | 9,000,000 | 2,000,000 | |||
Derivative Liabilities | 18,000,000 | 18,000,000 | 9,000,000 | |||
Amounts due from Dominion | [2] | 1,000,000 | 1,000,000 | 3,000,000 | ||
Commodity purchases from affiliates | 3,000,000 | 6,000,000 | 7,000,000 | 14,000,000 | ||
Services provided to affiliates | [3] | 30,000,000 | 16,000,000 | 75,000,000 | 38,000,000 | |
Sales of natural gas and transportation and storage services to affiliates | 17,000,000 | 19,000,000 | 52,000,000 | 65,000,000 | ||
Other receivables | [4] | 9,000,000 | 9,000,000 | 17,000,000 | ||
Customer receivables from related parties | 4,000,000 | 4,000,000 | 5,000,000 | |||
Affiliated notes receivable | [5] | 13,000,000 | 13,000,000 | 9,000,000 | ||
Dominion Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||||
Related Party Transaction [Line Items] | ||||||
Borrowings under IRCA | 198,000,000 | 198,000,000 | $ 384,000,000 | |||
Dominion Gas Holdings, LLC | Services provided by affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | [1] | $ 30,000,000 | $ 27,000,000 | $ 99,000,000 | $ 78,000,000 | |
[1] | Includes capitalized expenditures. | |||||
[2] | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. | |||||
[3] | Amounts primarily attributable to Atlantic Coast Pipeline. | |||||
[4] | Represents amounts due from Atlantic Coast Pipeline, a related party VIE. | |||||
[5] | Amounts are presented in other deferred charges and other assets in Dominion Gas' Consolidated Balance Sheets. |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 32 | $ 29 | $ 95 | $ 86 |
Interest cost | 71 | 73 | 215 | 218 |
Expected return on plan assets | (132) | (126) | (398) | (376) |
Amortization of prior service cost (credit) | 0 | 0 | 1 | 2 |
Amortization of net actuarial loss | 40 | 28 | 120 | 84 |
Settlements and curtailments | 0 | 1 | 0 | 1 |
Net periodic benefit cost (credit) | 11 | 5 | 33 | 15 |
Pension Benefits | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 3 | 11 | 9 |
Interest cost | 7 | 7 | 21 | 21 |
Expected return on plan assets | (31) | (29) | (94) | (86) |
Amortization of prior service cost (credit) | 0 | 1 | 0 | 1 |
Amortization of net actuarial loss | 5 | 5 | 15 | 14 |
Net periodic benefit cost (credit) | (15) | (13) | (47) | (41) |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 10 | 7 | 30 | 23 |
Interest cost | 17 | 17 | 50 | 50 |
Expected return on plan assets | (29) | (28) | (88) | (83) |
Amortization of prior service cost (credit) | (7) | (7) | (20) | (21) |
Amortization of net actuarial loss | 1 | 1 | 4 | 2 |
Settlements and curtailments | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (8) | (10) | (24) | (29) |
Other Postretirement Benefits | Dominion Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2 | 1 | 5 | 4 |
Interest cost | 3 | 4 | 10 | 10 |
Expected return on plan assets | (6) | (6) | (18) | (17) |
Amortization of prior service cost (credit) | 0 | 0 | 0 | (1) |
Amortization of net actuarial loss | 1 | 0 | 2 | 0 |
Net periodic benefit cost (credit) | $ 0 | $ (1) | $ (1) | $ (4) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined benefit pension plans and OPEB plans | $ 0 | ||
Expected contribution to voluntary employees' beneficiary association | 12,000,000 | ||
Other deferred credits and other liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts due to Dominion | 292,000,000 | $ 219,000,000 | |
Dominion Gas Holdings, LLC | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contributions to defined benefit pension plans and OPEB plans | 0 | ||
Expected contribution to voluntary employees' beneficiary association | 12,000,000 | ||
Amounts due from Dominion | [1] | 1,000,000 | 3,000,000 |
Pension Benefits | Dominion Gas Holdings, LLC | Affiliate | Noncurrent Pension and Other Postretirement Benefit Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts due from Dominion | 642,000,000 | 614,000,000 | |
Other Postretirement Benefits | Dominion Gas Holdings, LLC | Affiliate | Other deferred credits and other liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts due to Dominion | $ 4,000,000 | $ 7,000,000 | |
[1] | Amounts are presented in other current assets in Dominion Gas' Consolidated Balance Sheets. |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Amount of expense | $ 0 | $ 330,000,000 | ||
After tax net expense | $ 1,848,000,000 | $ 2,129,000,000 | 6,229,000,000 | 7,410,000,000 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | 80,000,000 | 435,000,000 | ||
Operating Segments | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | 82,000,000 | 446,000,000 | ||
Operating Segments | Dominion Generation | ||||
Segment Reporting Information [Line Items] | ||||
Net gain on investments | 39,000,000 | 53,000,000 | ||
Net gain on investments, after tax | 25,000,000 | 33,000,000 | ||
Loss related to restructuring of producer services | 47,000,000 | |||
Restructuring after tax | 33,000,000 | |||
Net loss | 147,000,000 | |||
After tax net loss | 90,000,000 | |||
Net gain (loss) on sale | 100,000,000 | |||
Net gain (loss) on sale, after tax | 57,000,000 | |||
Write off of goodwill | 31,000,000 | |||
Operating Segments | Dominion Generation | Virginia legislation | ||||
Segment Reporting Information [Line Items] | ||||
Amount of expense | 330,000,000 | |||
Amount of expense, after tax | 219,000,000 | |||
Operating Segments | Dominion Generation | PJM | ||||
Segment Reporting Information [Line Items] | ||||
Billing adjustment | 17,000,000 | |||
Billing adjustment, net of tax | 10,000,000 | |||
Operating Segments | Dominion Generation | Facilities Subject to CCR Final Rule | ||||
Segment Reporting Information [Line Items] | ||||
Charge related to incremental future ash pond and landfill closure costs | 45,000,000 | |||
Charge related to incremental future ash pond and landfill closure costs, net of tax | 28,000,000 | |||
Operating Segments | Dominion Generation | Implementation of Depreciation Study Ordered by Virginia Commission | Virginia legislation | ||||
Segment Reporting Information [Line Items] | ||||
One-time charge related to implementation of depreciation study | 38,000,000 | |||
One-time charge related to implementation of depreciation study, net of tax | 23,000,000 | |||
Operating Segments | Dominion Generation | Virginia Regulation | Deferred Fuel Costs | ||||
Segment Reporting Information [Line Items] | ||||
Write off of deferred fuel balances | 85,000,000 | |||
Write off of deferred fuel balances, net of tax | 52,000,000 | |||
Operating Segments | Dominion Energy | Virginia legislation | ||||
Segment Reporting Information [Line Items] | ||||
Amount of expense | 319,000,000 | |||
Amount of expense, after tax | 193,000,000 | |||
Virginia Electric and Power Company | ||||
Segment Reporting Information [Line Items] | ||||
Amount of expense | 0 | 330,000,000 | ||
After tax net expense | 1,317,000,000 | 1,459,000,000 | 4,261,000,000 | 4,353,000,000 |
Virginia Electric and Power Company | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | 239,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | 235,000,000 | |||
After tax net expense | 101,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | Virginia legislation | ||||
Segment Reporting Information [Line Items] | ||||
Amount of expense | 330,000,000 | |||
Amount of expense, after tax | 219,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | PJM | ||||
Segment Reporting Information [Line Items] | ||||
Billing adjustment | 15,000,000 | |||
Billing adjustment, net of tax | 9,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | Facilities Subject to CCR Final Rule | ||||
Segment Reporting Information [Line Items] | ||||
Charge related to incremental future ash pond and landfill closure costs | 45,000,000 | |||
Charge related to incremental future ash pond and landfill closure costs, net of tax | 28,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | Implementation of Depreciation Study Ordered by Virginia Commission | Virginia legislation | ||||
Segment Reporting Information [Line Items] | ||||
One-time charge related to implementation of depreciation study | 38,000,000 | |||
One-time charge related to implementation of depreciation study, net of tax | 23,000,000 | |||
Virginia Electric and Power Company | Operating Segments | Dominion Generation | Virginia Regulation | Deferred Fuel Costs | ||||
Segment Reporting Information [Line Items] | ||||
Write off of deferred fuel balances | 85,000,000 | |||
Write off of deferred fuel balances, net of tax | 52,000,000 | |||
Dominion Gas Holdings, LLC | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expense | $ 163,000,000 | $ 214,000,000 | 665,000,000 | 792,000,000 |
Dominion Gas Holdings, LLC | Operating Segments | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
After tax net expenses | $ 0 | $ 0 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | $ 2,971 | $ 3,050 | $ 9,127 | $ 9,493 | |
Net income attributable to Dominion | 593 | 529 | 1,542 | 1,067 | |
DVP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 543 | 484 | 1,617 | 1,438 | |
Dominion Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 1,932 | 1,996 | 5,792 | 5,984 | |
Dominion Energy | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 530 | 603 | 1,825 | 2,135 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 128 | 144 | 405 | 432 | |
Operating Segments | DVP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 539 | 480 | 1,603 | 1,425 | |
Net income attributable to Dominion | 125 | 119 | 382 | 366 | |
Operating Segments | Dominion Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 1,920 | 1,985 | 5,742 | 5,936 | |
Net income attributable to Dominion | 391 | 326 | 923 | 794 | |
Operating Segments | Dominion Energy | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 335 | 380 | 1,107 | 1,171 | |
Net income attributable to Dominion | 152 | 144 | 488 | 482 | |
Operating Segments | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 0 | 4 | (9) | 10 | |
Net income attributable to Dominion | (75) | (60) | (251) | (575) | |
Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | (339) | (378) | (1,196) | (1,447) | |
Intersegment revenue | DVP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 4 | 4 | 14 | 13 | |
Intersegment revenue | Dominion Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 12 | 11 | 50 | 48 | |
Intersegment revenue | Dominion Energy | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 195 | 223 | 718 | 964 | |
Intersegment revenue | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 128 | 140 | 414 | 422 | |
Segment Reconciling Items and Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | (162) | (177) | (512) | (496) | |
Adjustments/Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 177 | 201 | 684 | 951 | |
Net income attributable to Dominion | 0 | 0 | 0 | 0 | |
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [1] | 2,058 | 2,053 | 6,008 | 5,765 |
Net income attributable to Dominion | 385 | 314 | 900 | 707 | |
Virginia Electric and Power Company | Operating Segments | DVP | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 541 | 483 | 1,610 | 1,433 | |
Net income attributable to Dominion | 125 | 120 | 382 | 371 | |
Virginia Electric and Power Company | Operating Segments | Dominion Generation | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 1,523 | 1,570 | 4,419 | 4,332 | |
Net income attributable to Dominion | 273 | 248 | 618 | 570 | |
Virginia Electric and Power Company | Operating Segments | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | (6) | 0 | (21) | 0 | |
Net income attributable to Dominion | (13) | (54) | (100) | (234) | |
Dominion Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | [2] | 365 | 391 | 1,291 | 1,388 |
Net income attributable to Dominion | 111 | 107 | 357 | 364 | |
Dominion Gas Holdings, LLC | Operating Segments | Dominion Energy | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 365 | 391 | 1,291 | 1,388 | |
Net income attributable to Dominion | 113 | 108 | 364 | 370 | |
Dominion Gas Holdings, LLC | Operating Segments | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue from external customers | 0 | 0 | 0 | 0 | |
Net income attributable to Dominion | $ (2) | $ (1) | $ (7) | $ (6) | |
[1] | See Note 18 for amounts attributable to affiliates. | ||||
[2] | See Note 18 for amounts attributable to related parties. |